Budget ‘blow’ to Rugby firms

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Small businesses across Rugby have suffered a lending letdown in the Budget, according to a local tax and accountancy specialist.

John Barr of TaxAssist Accountants in Rugby, said: “Despite some welcome news on cutting employer’s National Insurance costs and scrapping planned fuel duty rises, our recent survey of small businesses showed that access to funding was a top priority for local companies.

“It will have been a major disappointment that there was no more information on the proposed new Business Bank and vital lending for growth.”

The budget, which was delivered last month by Chancellor George Osborne, did include cutting employers’ National Insurance contributions and cancelling a planned rise in fuel duty.

Mr Barr added: “We’ll be looking closely at the proposed Growth Vouchers for small businesses and possible extensions to the Funding for Lending Scheme, but hoped to hear much more about lending lifelines for small businesses.

“There was also a deafening silence on business rates, which we wanted to see frozen at least and nothing concrete on extending small business rate relief, which is due to come to an end next March.”