“Reducing corporation tax to 17% by 2020 will have a transformational effect on startups and scale-ups, allowing ambitious entrepreneurs to reinvest more profits and create new jobs. Additional small business relief will ensure more small businesses pay no rates at all, which is to be applauded as we encourage people to start their own businesses and create wealth. Removing VAT loopholes for international ecommerce businesses will help the UKs digital firms be much more competitive. Since launching in 2011, startups on board the Entrepreneurial Spark business accelerator programme have secured an accumulative turnover of over £85 million, creating 1,816 jobs across the country. This shows just how much of an impact these small businesses have on the UK economy, and further reiterates the importance of not only supporting them but also providing them with the tools they need to scale their business on a global level.”
SME/start-up budget response from Jim Duffy, CEO, Entrepreneurial Spark
Jim Duffy, CEO of Entrepreneurial Spark said: