The budget on Wednesday will be one of the most important in years.
Not since the first post-Credit Crunch budget more than a decade ago will so much be riding on what the Chancellor says.
Back then the economic downturn saw Labour try to spend its way out of the problem, with Gordon Brown and Alistair Darling putting billions into infrastructure projects. That was followed by the years of austerity under Cameron and Osbourne with state spending stripped back.
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And last year Rishi Sunak was only just coming to terms with the unprecedented spending needed to get the country through the pandemic.
Serving a £2 trillion national debt is relatively cheap with such low interest rates. But the economy contracted by 10 per cent last year and unemployment is more than 5 per cent.
Theresa May’s Chancellor Phillip, now Lord, Hammond speculated last week a bigger economy, rather than just slashing debt, would cut the relative burden of what we owe, much as we did in the post-war years.
Some say we should help struggling companies by avoiding tax rises – others say if we keep supporting 海角视频 companies like we have been taxes will have to go up.
This is what East Midlands business leaders think the current Chancellor should do:
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RETAIL
Ravi Karia runs the Leicester-based Universal Textiles Outlet Store, an online shop which ships clothes to shoppers around the world.
He said: “I hope the focus of the budget is around helping businesses who are struggling financially due to Covid and Brexit rather than reducing the deficit.
“We all know that the national debt has increased and that will need to be bought back down to sustainable levels.
“This will mean some form of tax increases, austerity or both, but it does not need to be done now.
“It should be delayed by six-12 months to allow the economy and businesses time to bounce back.”
FOOD AND DRINK
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Sam Watson is commercial director of Burleighs, a designer gin brand based in the Charnwood Forest, near Loughborough.
It recently announced a successful crowdfunding round followed by £250,000 of support from the Midlands Engine Investment Fund to help its exports grow.
He said: “Like all distilleries, Burleighs has been hit hard this year by the coronavirus – despite the re-opening of bars and restaurants during the summer months, most have been closed since March last year.
"The knock-on effect of this is that suppliers to the 海角视频’s bars and restaurant trade have also been very seriously and catastrophically affected.
“The distillery industry now requires support from the Government to enable our businesses to recover, and we’d like to see a temporary freeze on the spirits duty announced in the next budget – which would be a very well-received support buffer.”
MANUFACTURING
Mick Ventola runs Leicestershire LED light-strip manufacturer Ventola Lighting whose clients include Las Vegas hospitality venues, US Air Force, and Qatari royal palaces.
He said: “Our manufacturing and installation work is predominately within the entertainment and hospitality sectors – as they will be the final sectors to fully reopen, it’s expected this industry will need time to build itself back up.
“So for the tax year 21/22, I would like to see the Government continue staffing support in this sector in some form, and see HMRC easy ways to pay continued to companies who keep their tax payments up to date and on time.”
LAW
Richard Osborn is a regional director and real estate lawyer at Excello Law.
He said: “Budget priorities must be around extending the furlough scheme until the summer, but also not bringing in any tax rises (yet!). Whilst inevitable in the future, now is not the right time for businesses or individuals.
“If an online sales tax can be targeted carefully – ie so as not to further impact on high street retailers – then could be an effective way of shifting the balance between spending online and in physical shops.
"The Chancellor should also conclude the business rates review as part of this.
“There needs to be more self-employed support, and the Stamp Duty holiday should be extended for further six months – to keep the market stimulated.”
MARKETING AND COMMUNICATIONS
Matt Youdale is a director of Arch Communications – a PR and marketing agency based in East Leake, Nottinghamshire.
He said: “Rishi Sunak has got a massive challenge because the Government has borrowed and spent so much dealing with the pandemic.
“I’d like to see an extension of the furlough scheme.
"Otherwise the unemployment rate will soar; more equity in taxation – why should higher earners get 40 per cent tax relief on their pension contributions?
“Also I’d like incentives for companies creating new jobs.
“As a business owner, I’m not totally happy about the anticipated rise in Corporation Tax, but I understand that the Chancellor needs to find extra money from somewhere.”
MANUFACTURING
Byron Dixon runs Leicester anti-bacterial product maker Micro-Fresh.
He said: “I’d like to see measures to give businesses some sort of stability during the roadmap out of lockdown relating to furlough, CBIL loans and business rates to preserve employment and the economy.
“Also it’s no secret that at some point we will have to start paying for this and I would like some reassurance this burden will not fall disproportionately on education, social welfare and the most vulnerable in society.”