Budget to take place on March 24th

News Article - 19 March 2010
Category: Business

Gordon Brown recently announced the Budget will take place on March 24^th, six weeks ahead of the general election penned for May 6^th. In a speech at Canary Wharf, the Prime Minister said the Budget would be used to outline the government's plans for public sector efficiency savings.

Mr Brown also outlined a sample of measures that will be proposed to help restore public finances, including extending the pay freeze to include senior civil servants, generals, judges, NHS managers and similar positions. 

Following the speech Alistair Darling confirmed the Budget's date to Parliament. The Chancellor has said he is "absolutely committed" to reducing the UK's deficit and that the Budget will show significant steps have been made to cut public borrowing in 2010.

Since the announcement, the Tories have voiced criticism that Labour cannot be trusted with the economy and that cutting the budget deficit must be immediate. The Liberal Democrats argue the economy remains too fragile to cut public spending so sharply and that government support for businesses and job uptake must continue.

Research released in February reveals that the UK economy is in better shape than previously thought, but economists are advising against complacency as growth remains fragile and could falter in the coming months. The country officially left recession in the last quarter of 2009.

As the major political parties compete for the upper hand in advance of the general election in May, the Budget is likely to contain aggressive cuts and tax reforms in an attempt to win supporters. Some may be supportive of businesses whilst others may be detrimental. The emphasis will, however, be on proactive measures designed to take hold of the economy and counteract the financial damage caused by the recession.

UK businesses must watch the legislative horizon closely in the run up to the general election to remain aware of the major fiscal plans proposed. Unless preparation is taken in plenty of time, infrastructure may be unable to cope with the demands that legislative changes put on company operations. Businesses should aim to adapt to changes with the minimum of strain on resources. As economic growth gains more traction, companies that have a greater amount of resources to distribute will be able to take advantage of opportunities that more cash-strapped firms will have to pass up.

Access business software provides a company-wide solution that keeps operations aligned with the legislative agenda. The package is built modularly, and Access release regular updates to ensure the software reflects reformed compliance regulations that companies face following legislative changes. 

For more information, please call Access on 0845 345 3300.

Article keywords: business software, legislation, regulation, Budget

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