Hammond’s Budget u-turn should be welcomed but it shows how out of touch the government is, affirms the boss of one of the world’s largest independent financial advisory organisations.
deVere Group CEO, Nigel Green, is speaking out after the UK’s Chancellor drops plans to increase the taxes paid by the self-employed.
Mr Green comments: “This is a stunning u-turn by the Chancellor, just a week since his Budget. Whilst we welcome this climbdown, it does show just how out of touch this government is with Britain’s hardworking, already-squeezed and over-taxed entrepreneurs – the lifeblood of the UK economy.”
He continues: “Hiking taxes on the self-employed would have only served to punish ambition and undermine aspiration to get on in life.
“This grinding u-turn is now a golden opportunity for this government to go one step further and better incentivize those self-reliant individuals who take on the responsibility, risk and burden of setting up companies and creating jobs and wealth. This is perhaps more important than ever as Britain prepares to launch divorce proceedings from the EU.
“Surely, if the UK is to thrive outside the EU, it should be aiming to keep and attract more entrepreneurial self-starters.“