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The Pre Budget Report (PBR) is to be abolished. The new chancellor George Osborne is making this change as part of his general housekeeping in taking office. Instead, there will still be a briefer statement and some forecasts will be retained. Gordon Brown instigated the PBR in 1997 and many saw it as an opportunity for grandstanding by the chancellor. The PBR rarely contained anything new but usually rounded up recent news.

Gareth Davies has been appointed as the new Managing Director of the Audit Commission’s audit practice. This is seen as the first step in the government’s plans to turn the Audit Commission into a business.

Between 140,000 and 150,000 small businesses fear they could end up insolvent as a result of their contacts in the public sector being terminated due to the cuts in public expenditure being pushed through by the government. This is according to market research conducted by the company R3. It is estimated that a third of small businesses are reliant on contracts with the public sector.

Whilst many businesses are able to develop new markets, it is difficult to see where the new customers will come from to replace the cancelled contacts. This sector of business has already cut its costs to the bone and this is exemplified by the increase in the use of online accountants. After all why pay extortionate hourly rates when you can upload your business records directly and make use of low cost accountants.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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