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Startup Founders Share Their Reactions And Thoughts On Autumn Budget
- The UK government has introduced new fiscal rules in the Autumn Budget to rein in public spending to create a balance between daily operations and tax revenues.
- Public debt will also shrink as a percentage of GDP, focusing future loans only on long-term infrastructure and development projects.
- Public services will see budgets grow 2% annually, maintaining operational stability. On top of this, £100bn will be invested in housing, transport, and research over the next 5 years.
- Start-up founders are reacting to the budget reveals. Some welcome the changes, with others feeling that more could and should be done.
- The budget allocates more resources to the NHS and education, with reforms set to help reduce waiting times, increasing diagnostic services and repairing healthcare infrastructure.
- Local infrastructure projects, policing, and border control will also benefit from the budget as well as members of the public through National Living Wage increases, State Pension increases and a Fair Repayment Rate to help those on Universal Credit.
- Corporate tax relief through a cap on Corporation Tax and lowering of tax rates will benefit businesses, including Pubs, Scotland's Whiskey industry and retail, hospitality and leisure businesses.
- New tax changes on Capital Gains Tax is affecting some startup founders who may look at other tax-friendly territories.
- This budget proposes a delicate balance in the tech industry, as demand for digital services increases.
- The creation of a governmental expert panel in digital government and Made Smarter Adoption programme is welcomed but with the absence of new investment in AI or Quantum technologies there is concern surrounding how companies can responsibly leverage greater financial direction.
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