Mercurial Chancellor’s Autumn Statement treads fine line between smoke, mirrors and political sleight of hand.
Chancellor George Osborne’s smiling face delivered a customary, skillful declaration of Government intent unveiling mouth-opening surprise in a ‘rabbits out of the hat’ delivery designed to trample over the critics of his financial and political aspirations.
Determined to maintain his battle with Austerity the chancellor unveiled headline grabbing measures fuelled by a reduction of £8 billion in Government borrowing; robust growth forecasts for the next four years reducing Government debt as a share of GDP.
Opposition voices complained the ‘less generous’ Universal Credit benefit system introduced in stages between 2013 and 2017 but, as ever, the engine driving Treasury optimism is the performance of business, generating sufficient revenues to enable measures protecting front line budgets such as defence, policing, health and international aid.
Yet small businesses continue to gnash their teeth about liquidity or rather the lack of it. Orders and production satisfactory, but getting paid?
The old adage Cash is King never truer than today.
2015 Autumn Statement from an SME perspective: Smoke and Mirrors?