Why choose Lambert Chapman?

Lambert Chapman LLP’s Nigel Whittle reviews the Emergency Budget

With a new Government and a new type of Government at that, it was widely reported that any Chancellor would have a difficult job trying to bring back confidence to the business community explaining how the UK would tackle its Budget deficit.

 I am pleased that Mr Osborne has concentrated on spending reductions rather than tax rises with his 80:20 split.

Without the right business environment where people will be motivated to trade openly, pay their taxes and contribute to the overall economy this country will be unable to prosper.

Public sector spending seemed out of control and no one was prepared to tackle the work that is required to bring back a balanced Budget.  The problem  now is that everyone in the world seems to be introducing a period of austerity and this will reduce demand worldwide. 

More than ever, it will be a difficult period in which to run a business and compete.  The world is still a big marketplace and as long as we have the right business environment in which to conduct our own affairs, we will have the opportunity to compete.

In my opinion the foundations have been laid for a sustainable recovery for the UK.  It will however, take a little while to complete.

Lambert Chapman LLP’s Nigel Whittle reviews the 2010 Budget

Alistair Darling managed to divert attention from the governments budget deficit for the afternoon.  

Better than expected unemployment figures and public sector borrowing, sounds like good news. Combine this with a crackdown on taxation anti avoidance, further lending from government owned banks and a slowing down of tax increases previously announced, it is clearly an election budget with a mini feel good factor.  

However the tax rises next year are swingeing and for the higher earners, a tax rate of 50% will dampen enthusiasm to create wealth in the UK. Can this be countered with the doubling of Entrepreneurial relief and tax relief on plant and machinery? We were all very negative about the coming 2010/11 fiscal year but this budget does deliver some hope that things will not be quite as bad as we feared.