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A Budget That Will be A Relief for Many Businesses

Thursday 4th March, 2021

The Chancellor, Rishi Sunak, announced the Budget yesterday, which saw a variety of changes including an extension of Furlough into September and beyond, which will be a significant relief to many struggling businesses. But in an attempt to ween the UK economy off slowly, but without damaging growth, he also put forward a series of measures by which employers must chip in a proportion of the bill from July. There was also an increase in the national living wage, support for the self-employed, a rise in incentive payments to encourage businesses to hire new apprentices and new Restart grants for many different organisations.

Curtis Ting, Managing Director at Kraken, Europe’s largest cryptocurrency exchange said; "Yesterday's budget highlights to us that the UK government remains serious about remaining a top business destination. A tax break for businesses investment, a new visa system to attract people with high-level skills to come to the UK, as well as a £375 million initiative to use public money to match venture capital funding for high-potential tech companies are all welcome developments.

But of course, the UK should not rest on its laurels. The government needs to do more to prepare for the future of finance – an eventuality that cryptocurrencies will have a key role to play in. Technology has a habit of moving fast. Look at where cryptocurrencies were a decade ago and where they are now – it's a daunting – and exciting – prospect to think where we'll be by 2031. It's important that the UK does not let this golden opportunity to be at the bleeding edge of innovation pass it by."

 

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