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Alliance & Leicester: Budget is good and bad for business

The Budget might negatively impact on some British entrepreneurs, Alliance & Leicester said yesterday.

Terming the new government proposals a "mixed bag", a director at the bank welcomed the £12.5 million earmarked for female small business owners.

Chancellor Alistair Darling also said that £60 million of additional funding would be made available to the Small Firms Loan Guarantee scheme (SFLG).

The scheme helps to provide business start-ups with small loans nationwide.

However, the decision of the government to introduce a flat rate of capital gains tax - removing the 'taper relief' enjoyed by many small businesses, was also criticised by the bank.

Commenting, director of business banking at Alliance & Leicester Steve Jennings said: "While the introduction this April of Entrepreneur’s Relief of ten per cent on capital gains of up to £1 million is generally a welcomed change to the originally proposed capital gains tax changes, the abolishment of capital gains taper relief continues to be a major concern."

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