Budget 2014: business expectations

Ahead of the Chancellor's 2014 Budget statement this afternoon, here's a summary of measures and policies that the UK's leading business groups are calling for.

Federation of Small Businesses:

  • focus on enterprise and encouraging small business growth
  • maintain reform in banking and energy markets
  • pro-enterprise policies to encourage job creation and sustained investment
  • boost Community Development Finance Institutions (CDFIs).

Confederation of British Industry:

  • introduce an energy package which encourages investment in generation and helps businesses struggling with high energy costs
  • extend the Annual Investment Allowance for smaller firms beyond 2015
  • incentivise longer-term equity investment through tax relief for retail investors
  • introduce a capital allowance for structures and buildings
  • freeze Air Passenger Duty.

British Chambers of Commerce:

  • introduce a new £1,000 payment to businesses who hire long-term unemployed young people or a new apprentice 
  • extend the Apprenticeships Grant for Employers (AGE) scheme by two years
  • increase the Enterprise Investment Scheme (EIS) tax relief from 30 per cent to 50 per cent for investors in businesses run by under-24s.

Forum of Private Business:

  • a fundamental review of business rates
  • phase out VAT on the fuel duty element of pump prices
  • introduce effective measures to tackle late payment
  • introduce an export credit scheme to support small businesses
  • extend existing skills grants for small business employers.

A selection of other calls:

  • British Bankers' Association - extend the Annual Investment Allowance, increase the Seed Enterprise Investment Scheme (SEIS) limit from £150,000 and enhance the ISA regime
  • UK Business Angels Association - extend the £10m lifetime limit on Entrepreneurs' Relief, continue the SEIS 50 per cent CGT write-off into 2014/15 and extend the SEIS investment limit to £250,000
  • Institute of Chartered Accountants in England and Wales - increase awareness of Government support for SME exporters, fundamentally review the UK tax code and commit to Government guarantees on loans to help new businesses grow.

We will publish summaries of the Chancellor's announcements after he has presented his 2014 Budget statement to the House of Commons.