Co-CEO at Rigby Group PLC - a Top 10 UK family business | Incoming Chair of Family Business UK | A leading voice in the world of private and family business, entrepreneurship and philanthropy .
Growth is near impossible, but the Spring Budget is a chance for change. The Office for Budget Responsibility’s upcoming forecasts will confirm what businesses already know: in the current environment, growth is incredibly difficult. However, short-term change can happen, especially if we take action now. Here are seven ways the Chancellor could make an immediate impact: 1. Reconsider the Employment Rights Bill – The proposed changes could cost businesses up to £5bn a year. 2. Reform business rates – The current system is complex, unpredictable, and a drag on growth. 3. Get the banks to start lending – Our big four banks play a critical role in building confidence and providing liquidity. 4. Invest our pension funds – Unlocking even a fraction of the £2.4 trillion involved could drive billions into UK businesses. 5. Let the government invest – A clear roadmap for public spending would provide economic confidence. 6. Enable more growth capital for business – Reforming Enterprise Investment Scheme thresholds would help fast-growing companies to scale. 7. Cut taxes for businesses – A one-off lower tax rate could unleash £63bn in private investment. These are not all the answers, but they could provide much-needed momentum to shift from endless talk to real action. I invite you to read more in my latest article: https://lnkd.in/eCrGeZ8v
Cancelling the NI increase should be #1. This is only going to lead to job losses and even more increased prices passed onto consumers....more inflation, higher interest rates, higher mortgage burden
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The Country lives off ideological ignorance for decades, as to where the seed of greed has destroyed too much.
We all know it Steve but they don’t want to listen or be distracted from an ideological War on Business ? It is utterly insane and they will only find out how much damage they are going after April kicks in ! Do much for Rachel ‘kick start’ - please send my best to your Dad - Rick
Insightful
Great points here - especially on business rates and access to growth capital. There is nothing like navigating a ‘complex and unpredictable’ system while trying to scale! Steve Rigby
100% agree
Great advice
Retired Automotive Aftersales Executive
1wSteve Rigby when growth of GDP is the target we need to look at what it is made up of. When it’s 63.4% consumer spend then the stimulus required is clear - cut PAYE taxes particularly to the low paid who are then certain to spend it rather than save it. If business does not want to pay tax as suggested in points 1, 2 & 7 then generate those taxes from consumption taxes, VAT, Fuel Duty, alcohol, tobacco and gambling. In that way the lower paid with extra spending power will drive both growth and tax revenue. By all means let pension funds (4) be invested in infrastructure by government (5).