Budget 2010: Equalease response
In the Budget, Chancellor Alistair Darling announced the launch of a new national investment corporation, to be called UK Finance For Growth, which will streamline and improve the offer to SMEs. This will also oversee the Government's £4 billion range of finance support for business, including new Growth Capital Fund, intended to provide fast-growing companies with the private capital they need.
Alistair Darling also announced a cut in business rates for one year from October.
Paul Ashton, managing director, Equalease, said: 'The schemes to encourage investment and loan liquidity for SMEs allied to a business rate cut might be interesting if they make an impact. SMEs form the backbone of the UK economy and account for the running of the majority of company cars and vans, so increasing the amount of cash available to businesses of this type help sales to pick up in this part of the market. However, I suspect it will only have a marginal effect, as will the staggering of fuel duty at a time when oil and petrol price increases are a real issue.'For more of the latest industry news, click here.