Government’s autumn statement simply ‘moves money around’, says accountants James Cowper
The Government’s autumn statement, given by George Osborne, introduces no major changes or surprises, says Thames Valley accountants and business advisers James Cowper, and appears to simply move money around in an attempt to stimulate economic growth.
Sharon Bedford, a partner at James Cowper, said: “There are some measures that will be welcomed by businesses, but little that will cause great excitement.”
“Businesses will welcome the additional funding into UKTI, the body that encourages and helps businesses access overseas markets,” says Sharon. “But they are unlikely to appreciate the knock when told that they are not as ambitious as their German counterparts. Our clients - businesses in the Thames Valley and the South East - are hugely ambitious and successful.”
The confirmation of the loan guarantee scheme that effectively introduces a reduced interest rate for businesses will also be welcomed. Sharon adds: “The proof will however be in the eating and only time will show whether it does indeed increase lending to businesses.”
George Osborne has managed to find £75m for small technology businesses and a further £200m for science-based businesses. “These are small amounts of money and, as yet, there is little detail on how businesses will be able to access it. However, in the current economic client, every little helps.”
Sharon Bedford, Partner James Cowper LLP, Tel +44 (0)1865 200500 or email sbedford@jamescowper.co.uk
29.11.11