Will VAT hike see firms turn to facilities management?
June 22nd 15:10 Cost Management
A number of UK businesses could be tempted to turn to facilities management service providers for help in reducing their costs following an announcement in today's (June 22nd) Budget.
Chancellor of the exchequer George Osborne confirmed what was widely expected when saying that VAT will increase to 20 per cent from January 4th next year.
Despite being anticipated by industry experts, the move will be met with the disapproval of a number of businesses.
According to a recent report by price comparison website uSwitch.com, 87 per cent of small firms feel the decision will have a negative effect on their operations.
A further 33 per cent said the increase will have a direct and negative effect on the amount of money consumers will be willing to part with.
Jake Ridge, small business energy expert at uSwitchforbusiness.com, said: "Small enterprises seem to be very clear about one thing - a VAT rise will be bad for business.
"They need support from the government to help safeguard their future - a VAT hike could be one blow too many for businesses who have faced the brunt of the recession and are now battling their way to recovery."
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