Budget: Tech MD says business measures are encouraging

Tim Walker, MD of Southampton-based IT provider Aura Technology, said: “This Budget held some much-needed positive news for businesses after the uncertainties over Brexit, a slowing economy and now Coronavirus.

"Measures to help small businesses mitigate the hopefully short-term impact of the virus were welcome, but I was pleased to see this didn’t dominate the agenda – there was plenty there for businesses of all sizes to feel encouraged by in the longer term.

“The smart use of technology is going to be a crucial factor in the ability of UK businesses to compete once we leave the EU, so I was encouraged by the confirmation of a £5 billion pot to deliver Gigabit-capable broadband through the country. This will be a relief to many businesses in rural areas of our region which are woefully underserved at the moment. The increase in R&D tax credit will also enable more businesses to invest in cloud computing and workflow systems that increase productivity.

“I was not surprised to see Entrepreneurs Relief take a hit, as this scheme has been criticised, but this is a move that does risk discouraging those who are motivated to build up a business for sale. However, I’m pleased this was reduced rather than abolished altogether. As the chancellor acknowledged, we need risk-takers to help drive employment and growth.

“On that note I’m excited by the announcement of an £800 million investment in a new ‘blue skies research agency’ to fund new ideas. This could be a huge asset in the future. Like most of the Budget we’ll need to look more closely to see where the funding is coming from, but overall, after a bruising few months, I think there’s lots for businesses to smile about here.”