Responding to the Chancellor of the Exchequer’s Autumn Budget, Mihir Kapadia, CEO of Sun Global Investments said:
“As Britain prepares for its withdrawal from the European Union, there was no doubt that today’s budget announcement from Phillip Hammond was one of the most anticipated, especially as he announced that austerity is ‘finally coming to an end’ with the economy now at a ‘defining moment.’ Therefore, this provides the UK with an opportunity to attract businesses and investment from abroad as it looks towards the future after what has been a challenging time for businesses and the public.
The focus on Brexit has been clear and bringing forward income tax cuts will also help bring back some much needed stability to the country as it adjusts to life outside the EU bloc for the first time since 1973. This would benefit 32 million taxpayers and would only emphasise the appeal for investors both domestically and abroad as the country looks to take advantage of some newly re-energised growth and newly found wealth and prosperity.
In addition, by increasing the national living wage, the gap can be closed to other elements of society which have become more difficult and out of reach for many who have been struggling to survive on the current standard. Again, this will bring about some much needed change to millions in the country who will be more able to pump money back into the economy and the services of the state which have been needed for some time.
Moreover, the new digital services tax is expected to raise £400 million for the British economy. After many years of criticism of companies like Facebook often paying below the standard of tax, public services will get a much needed boost. Although some may argue this will only scare away tech firm giants, the benefits that they will get from doing business in the UK will almost certainly outweigh the cost of the tax. Again, this will provide some much needed uplift for the economy to steady the ship of state during the first few months of Brexit.
This sense of stability has been much needed and will continue to show that Britain will remain strong as it looks to cushion the impact of Brexit, and with the government now addressing issues many have been calling for years, it is a clear sign that Britain is ready to move forward and upwards once it leaves the European Union in March.”