Budget ‘positive’ for independent retailers

Changes to National Insurance and a cut to corporation tax in the Chancellor’s budget have been welcomed by the body representing independent retailers.

Chief executive of the Northern Ireland Independent Retail Traders Association, Glyn Roberts, said that overall the budget was positive for local small businesses.

“The retail sector has a key role in providing high quality apprentices and it is welcome that from April 2016, employers National Insurance contributions will be abolished to further incentivise our members taking on apprentices,” he said.

“Cutting of Corporation Tax to 20% and the freezing of fuel duty and ending of Annual Tax returns are all positive developments for local business.

“Raising the income tax allowance to £11k will also take pressure off working families and low paid workers and increase greater spending in the retail sector.”

Other measures in March’s budget include a promise to raise the minimum wage to £8 by the end of the decade, no fuel duty increase for petrol, a 1p reduction to beer duty, and a two per cent cut to duty on cider, whisky, and spirits.

There were also no increases on the duty for tobacco.