SMALL businesses received some welcome backing in the Budget, according to an East Hampshire tax specialist.

Doug Clanchy, who runs TaxAssist Accountants in Liss, near Petersfield, said: “Local business owners have grown used to bearing the brunt of budget changes and new legislation and receiving little in return, but the Autumn Budget has at last given them some good news to encourage investment and growth.

“The £44bn housing investment announcement will be a welcome contribution to local economies, with many businesses, particularly in the construction industry, reaping benefits.

“Many local business owners will also be looking at available opportunities under the £2.5bn scaled-up British Business Bank, the £500m investment announced for new technologies including 5G mobile networks and fibre broadband, and £2.3bn investment in research and development.

“The Government has clearly listened to the Federation of Small Businesses and halted plans to lower the VAT threshold. Keeping that at £85,000 for the next two years will be welcome news for many small firms and self-employed business people.

“Cancelling the planned rise in fuel duty will help those businesses which deliver products and services to our homes, where cars and vans are essential not a luxury. Many business owners will also be relieved that vans are excluded from the planned increase in vehicle excise duty for diesel vehicles.

“Business rates will now increase in line with the consumer prices index, instead of the higher retail prices index and many local businesses will be delighted to see the back of the so-called staircase tax, which would have hiked their rates bills if their workspace was split over more than one floor of a building.”

He concluded: “There has at last been some recognition for the more than five million small businesses across the UK who contribute £1.8 trillion to our economy.”