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Joel Tobias, Managing Director at CYFOR, commented: “Businesses have been extremely aware of the budget deficit and the announcements made in the emergency Budget come as little surprise. We can only get out what we put into the economy so big decisions had to be made to compensate for previous overspending and in order to make progress.
“Cutting corporation tax will definitely help SMEs which in turn will go towards boosting growth in the economy. The VAT increase will only have a very marginal impact on SMEs in making a slight difference to cash flow.
“The pay freezes in the public sector seem to be grabbing the headlines but are likely to be a very shrewd decision from the government.”
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