Essex business guru previews Spring Statement
Business Consultant Peter Boolkah is calling for greater support for local entrepreneurs amidst speculation about Jeremy Hunt's plans for the economy
With the anticipation building around Jeremy Hunt's forthcoming Budget, Essex-based business consultant Peter Boolkah has weighed in, stressing the need for increased support for struggling businesses and entrepreneurs.
Hunt's reported plan to unveil a 2p cut to national insurance has sparked discussions among economic experts and stakeholders, as the government aims to revive the British economy while addressing poll deficits ahead of the impending general election.
While Downing Street remained tight-lipped about the potential national insurance cut, Treasury sources declined to comment before the Chancellor's statement on Wednesday.
Boolkah's insights come amidst concerns raised by experts, including the Institute for Fiscal Studies (IFS), about the sufficiency of tax cuts to prevent record levels of tax burden by the end of the decade.
"The government needs to start thinking more about how to support businesses" says Peter.
"We really do need an economy boost right now and people spending money again, getting us out of this negative situation we're in."
"If the government wants to help grow the economy, then support businesses, support the entrepreneurs out there, they have put their entire life savings trying to make a living."
"Stop looking at the past. Stop looking at trying to revitalize dead high streets that are dead because no one wants to go to them."
"Wake up and help businesses stop making business owners go to bed fearful, waking up fearful. Let them focus on their business."
According to the Resolution Foundation, while the proposed national insurance cut could provide relief to some employees, freezes in payment thresholds could offset gains for those earning less than £50,000.
"There are huge questions about whether Britain can really afford £20 billion of tax cuts this year, given the insufficient outlook for public spending and the need to reduce our national debt," noted Adam Corlett, principal economist at the Resolution Foundation.
Hunt's attendance at a pre-Budget audience with the King at Buckingham Palace has added to the speculation surrounding the Budget's contents.
Trade Minister Greg Hands asserted optimism about the economic outlook, indicating that the Budget would reflect the anticipated improvement. However, concerns persist, particularly regarding potential cuts to NHS funding.
"The situation for small businesses, especially if you're a small business owner yourself, it's tough out there," Boolkah remarked, echoing sentiments shared by many entrepreneurs grappling with economic uncertainty.
As the nation awaits Hunt's Budget announcement, stakeholders and citizens alike will scrutinize the measures proposed, hoping for a strategy that not only addresses immediate economic challenges but also lays the groundwork for sustainable growth and recovery.
What does Jeremy Hunt say?
In comments ahead of his Budget, Mr Hunt said: "Because of the progress we've made because we are delivering on the Prime Minister's economic priorities we can now help families with permanent cuts in taxation.
"We do this not just to give help where it is needed in challenging times. But because Conservatives know lower tax means higher growth. And higher growth means more opportunity and more prosperity."
He added that growth "cannot come from unlimited migration", but "can only come by building a high-wage, high-skill economy".