Everybody has a wish-list for George Osborne, the Chancellor of the Exchequer, in the hope that Christmas will come early for them.
Here’s what some business people had to say on the matter.
Chris Cummings, Chief Executive of TheCityUK said:
“We look forward to an Autumn Statement that is expected to lay out key initiatives to further the UK’s economic growth and recovery, in particular in relation to increasing lending to SMEs and mid-market companies and regulation of the financial sector.
“We congratulate the Government on the number of positive steps it has already taken to promote UK competitiveness and lead the UK economy back to growth. It will be important to encourage financial institutions to actively consider alternative funding routes for SMEs, in order to complement existing bank lending.
“Measures to facilitate a further increase in UK exports and investment to both established and growth markets are also crucial if our economic revival is to accelerate. The attractiveness of the UK as an entry point to Europe means we enjoy significant levels of investment, and the EU is one of our biggest markets for exports. However, we also need to find new sources for growth, and encourage an open approach to trade agreements and policies to facilitate increased foreign investment into the UK from other countries and regions around the world.
“The creation of the Financial Services Trade and Investment Board (FSTIB), announced by the Chancellor in his Budget in March, is proving successful in encouraging foreign direct investment in asset management into the UK, as well as providing an opportunity to stimulate inward investment in other financial services segments.”
Christine Elliott , CEO of the Institute for Turnaround said:
“Mr. Osborne needs to do more than just freeze business rates on Thursday. Whilst a freeze would be a welcome move to help businesses reduce costs, it is only part of the solution. More importantly and more urgent is the need to provide SMEs with affordable access to finance. Our most recent survey of IFT members illustrates that gaining access to finance is a major concern for businesses across the UK.
“SMEs in particular are desperate for finance to invest and transform their business and we would like to see the Chancellor extend additional finance at affordable rates to help SMEs take advantage of the improving economy. Communication is also a key part of this. It’s not just about having the funding available, the Government needs to go on the front foot and get out there telling businesses where and what finance is available to them.”
John Cridland, CBI Director-General, said:
“We’re making steady progress on the economy, but businesses need an extra incentive to give them the confidence to invest.
“Capping business rates will help drive investment, create jobs and lead to more windows opening up on the high street. It will also help our manufacturers and factories to remain competitive in the global market place.
“We must remember that the job on deficit reduction is only half done.”
Carl Hasty, Director of Smart Currency Business said:
"Increased tax reliefs for investment would be welcomed by SMEs – as would more funding support – whether through further fine-tuning of the Funding for Lending scheme or a drive to educate SMEs about alternative forms of funding.
"Exports in particular are a key factor in economic growth and as such, the government needs to further increase support for SMEs that trade overseas."
David Harrison, managing partner at True Potential LLP said:
“The Chancellor must radically extend the stocks and shares ISA allowance to £25k per year to encourage people to save in a way that adds value. More investors would also help to fuel growth.
“As a nation two thirds of us are not saving enough for retirement and often those savings that do exist are in products that add little or no value. We recently surveyed over 2,000 people across the UK and just two per cent are placing their funds in products that consistently beat inflation, meaning most savers are adding no significant value to their investment.
“Extra support for savers could be funded by taxing borrowing on private, but not owner-occupied, property.”