Press Release from FSB and XFE
For immediate release: Tuesday 10 March 2020
Chancellor’s National Insurance tax break for employing Armed Forces veterans will help small businesses
- More than a third of small business owners say that employing veterans resolves skills shortages
- The move will benefit small businesses, veterans and the economy
The Federation of Small Businesses (FSB) and X-Forces Enterprise (XFE) jointly welcome the expected confirmation by the Chancellor of the Exchequer Rishi Sunak in the Spring Budget (11 March), that he will include new plans for a one-year Employer National Insurance Contributions (NICS) holiday for small businesses to employ Armed Forces veterans.
This was one of a number of measures recommended by FSB, and supported by XFE, to stimulate the employment of veterans in small business in Britain.
FSB’s research finds that more than one-in-ten (12%) of Britain’s small businesses have employed an Armed Forces veteran in the last three years, with manufacturing the most common sector (20%) followed by Wholesale, Retail and Repair (15%) and Professional, Scientific and Technical (11%).
Among those employing veterans, the benefits they have found include resolving skills shortages (35%), improving team performance (27%) and providing fresh perspectives and creative ideas (26%).
Mike Cherry OBE, FSB National Chairman, said:
“We welcome the Chancellor’s confirmation to introduce a new a one-year National Insurance holiday for small businesses to employ Armed Forces veterans. FSB has asked for this as a way to stimulate the employment of veterans in small firms.
“For veterans seeking employment, small businesses can often be better than bigger ones at spotting and nurturing talent, rather than discard a service leaver’s job application because some of their skills and qualifications aren’t necessarily from a traditional academic route.
“Helping to ease the costs will let small businesses benefit from the unique attributes that veterans can bring to enterprise, whilst giving the opportunity to those who have served to contribute to and thrive within the civilian economy.”
Ren Kapur MBE, FSB’s volunteer Armed Forces champion and CEO of X-Forces Enterprise (XFE), said:
“Over the last 18 months, FSB and XFE have been working together, through research, reporting and lobbying, to get this noticed at the highest ministerial level, and have kept the pressure on despite constant changes in government.
“The culmination of this work in partnership means that all businesses across the UK, irrelevant of size, can support the service leaver whilst boosting business. This could be the ‘sea change’ required to enhance the success of transitioning, for those either looking for jobs, or being hired, in the Armed Forces. This additional money available can support onboarding and training”
Ends
Notes to Editors
- FSB, supported by XFE, published its report A Force for Business in 2019 and asked for better backing for Britain’s military veterans to work in, as well as to run, small businesses.
- FSB calculates that there are 925,000 veterans of working age in Britain (based on MOD 2016 data).
- The Federation of Small Businesses (FSB) and X-Forces Enterprise (XFE) work in partnership to deliver support and resources to veterans starting up and growing their own businesses. As the leading organisation in the UK for enterprise in the military community XFE is there to provide the hand up to help seed, start and sustain entrepreneurs. FSB as the UK’s biggest business membership organisation provides advice and support – from tax investigation to business banking, and from legal advice to debt recovery - for businesses at the next stage of growth. FSB campaigns on the issues that affect small businesses, ensuring their voice is heard by governments at all levels.
www.x-forces.com
About FSB
As experts in business, FSB offers members a wide range of vital business services, including advice, financial expertise, support and a powerful voice in Government. Its aim is to help smaller businesses achieve their ambitions. More information is available at www.fsb.org.uk.
Media enquiries at FSB
Kerry Curtis at FSB:
[email protected] / T. 020 7592 8120 / WhatsApp 07815 537 657
About X-Forces Enterprise
X-Forces Enterprise (XFE) is the leading organisation in the UK for Enterprise and Start-up Skills in the Military community. XFE works with Government, Big Business and Military Charities and has supported over 1,900 entrepreneurs to start their own businesses and many others with Mentoring.
Media enquiries at XFE:
[email protected] / T. 020 7811 3236 / WhatsApp 07817 859088