Today Philip Hammond has delivered one of the least interesting Budgets in recent memory. Other than protection for SMEs from the potential large rates increase, very little was announced of relevance to SMEs, or indeed their lenders.
Hammond has missed a chance to take a fatal flaw out of the Innovative Finance ISA that prevents investors investing across multiple P2P platforms in the same tax year – leaving investment diversification very difficult for people.
As the first post-referendum Budget the focus ought to have been on what the Government’s economic plan is for our departure from the European Union. However, as expected, Hammond took few chances and left us with as many questions as answers.
Eight months have now passed since the Brexit vote, and even after today’s Budget, businesses and investors are none the wiser on what the long-term implications will be. Like other sectors, the P2P market needs a clear strategy outlined by the Government so that we can plan accordingly.
Stuart Law, CEO