The Budget 2024 has sparked a mixed bag of reactions from various sectors of British business, with opinions ranging from cautious optimism to outright disappointment.

Tammy Evans, Partner at Ignition Law, acknowledges the potential impact of certain tax measures on SMEs. While extensions to the Recovery Loan Scheme and improvements to retraining tax deductibility are welcomed, Evans expresses a desire for more inventive solutions to promote economic growth. She suggests that additional measures could have been taken to retain the UK’s reputation for high-growth industries, indicating that the Budget fell short of SMEs’ expectations.

Michelle Ovens CBE, Founder of Small Business Britain and winner of Outstanding Achievement in our 2022 Awards, finds a glimmer of hope in the Budget, particularly in measures aimed at supporting SMEs still reeling from the effects of recent challenges. The Chancellor’s decision to cut national insurance and extend the recovery loan scheme is seen as a positive step. However, Ovens urges for a more comprehensive approach to address the challenges faced by SMEs, such as the cliff edge of the VAT threshold and the need for broader growth financing policies.

John Webber, Head of Business Rates at Colliers, takes a different stance, criticizing the Budget for its impact on the high street. The extension of the period for empty rates relief and the failure to cancel planned business rates increases draw Webber’s ire. He argues that these measures will burden retail and leisure landlords further, discouraging property investment and impacting property values in an already distressed market.

Mohammad Uz-Zaman, a chartered wealth manager and Founder of ADL Estate Planning, raises concerns about the potential repercussions of removing the non-dom remittance rules. Uz-Zaman warns that while this move may appeal to nationalistic sentiments, it could prove disastrous for the UK economy in the long term, risking the loss of valuable revenue and talent from the global marketplace.

Phil Atkinson, Managing Director of BTS Fabrications, winner of our Sustainable Business of the Year in 2023 voiced a sentiment of underwhelm, noting that apart from the national insurance cut, the Budget offers little for the struggling UK construction industry. Atkinson expressed his disappointment at the “lack of concrete measures to address inflation and stimulate construction activity”.