Next week’s Pre-Budget Report (PBR) should include support for
small business investment, the Finance & Leasing Association
(FLA) has said.
The FLA would like to see tax incentives included in the PBR to
help businesses to invest in leasing new equipment.
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“Many businesses rely on leased equipment. Our latest statistics
show that asset finance markets are still down a third on last
year,” said Julian Rose, head of asset finance at the FLA.
Recent statistics have shown that the level of asset finance
provided to UK businesses fell by 33 percent in the third quarter
of 2009 compared with the same period last year, mirroring numbers
from the Office of National Statistics, which also showed that
total business investment by all UK companies fell by 28.9 percent
in Q3 2009.
“When cash is tight in businesses, we would normally see growth
in leasing new equipment. But today’s tax rules limit the leasing
industry’s ability to help a sizeable minority of businesses to
invest.
“The consequences for business recovery are worrying. The
chancellor’s statement needs to finally recognize the need to help
small businesses to invest in efficient, reliable equipment.”
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By GlobalDataJason T Hesse
