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According to the Federation of Small Businesses, the policies adopted by Conservative ministers are not strong enough to boost the economy and job creation. The FSB believe that the Coalition is “out of touch with the reality” of the weak United Kingdom economy. John Walker, the chairman of FSB said that although small businesses were uncertain of their future, they also remain the answer to the economic recovery. Walker said:

“The government urgently needs to scale up its policies to stand a hope of tackling the growing jobs crisis and avoid people falling into the debilitating trap of longer unemployment.”

Walker added that the policies at the moment are not making any real inroads into the problems. The FSB are wanting Value Added Tax to be reduced to five percent for the construction and tourism sectors, believing that they are “strategically important” to the economic recovery. In Europe the same cuts have been made to the rate of VAT with resulting success.

The Work Trial scheme also came under fire, as the FSB would like to see the scheme available to all people who are unemployed, from the very first day rather than having to be unemployed six months in order to qualify. This would create 46,000 jobs according to FSB figures.

Although £900 million was invested in the National Insurance holiday scheme, it is not proving to be the success that ministers hoped, which is why the FSB are wanting drastic changes to the initiative, in an attempt to boost creation of jobs.

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Gary Fields

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

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