GFSB Happy with the Budget
16-Aug-2011 Gibraltar Federation of Small Businesses (GFSB) has also welcomed the Government budget noting that economic growth of 6.5% was achieved and employment in the private sector grew by 3.6%, "all of which are positive figures for our economy, particularly when set against the financial woes of other economies beyond our shores".The GFSB states it has consistently campaigned against increasing the burden of fixed business costs for businesses as highlighted in the Business Agenda document which was launched at its Annual Dinner in June.
The document introduces a list of policies and recommendations aimed at influencing Government policy on SME's. The GFSB says it is delighted that some of the recommendations have filtered their way through the Budget announcements and hopes that businesses receive the vital support and financial breaks that they need to face the future with some optimism.
A GFSB spokesman said "In particular, members are pleased that there has been a freeze to the systematic increases in Social Insurance contributions of the last three years (10% in 2008, 4% in 2009 and 10% in 2010 respectively) and also the reduction by 50% (from 12% to 6%) of import duty on some selected goods. The reinstatement of the early payment discount for business rates to 20% after it was reduced at the previous budget is also a positive move, although we note that this only applies to the wholesale and retail sector (including bars and restaurants) and not to the whole business community, which is what we would have liked to have seen."
There was, he said, also an acknowledgment from the Chief Minister that some businesses are facing difficulties, a view which we share.
"Budgets must be viewed across the term of office of a Government and previous budgets have been hard on the business community, so we hope we can welcome further business-friendly budgets as the business interest must always be at the centre of any Government policy if our economy is to continue to be successful," said the GFSB.
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