What the UK Budget should look like

Apart from the increasingly likely 'Grexit', the second biggest topic for the British media this week is the budget. Another Budget in such quick succession is certainly an unusual step and one taken, we are told, to ensure that the UK economy is both productive and 'on the right footing for the long term.'

As always, the Chancellor has given a taster of what we can expect via an appearance on Sunday morning television. But outside of welfare and housing, what measures will Britain's businesses be looking for?

In my opinion to help him realise his vision of a 'stable' economy, Osborne has got to invest where it matters - at the grassroots, which in business terms means small businesses. Arguably the engine room of the UK economy, Osborne has them to thank for a continuing upward growth trajectory. To prevent growth being stifled where it is providing the most value, action surely needs to be taken against late payment of invoices, which prevent investment and repress innovation. Alongside this I would hope to hear more about the promised Small Business Conciliation service as well as a measure that incentives larger companies to treat their suppliers better.

Secondly, small businesses need help with their technology investments. Given that technology is also a key area for the Government, arguably tax relief should extend to small businesses that want to invest in technology to help their business grow. The Government already provides R&D tax credits for in-house development of technology, so why not apply a similar principle to encourage the adoption of third party software to improve productivity and efficiency with a business? This is a measure that could make a tangible economic difference to the UK economy and businesses.

Osborne, it's over to you.

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