A major survey undertaken by ISME, the Independent Business Organisation, in response to Budget 2008, has confirmed that a significant number of SMEs are unhappy with the initiatives introduced by Minister Cowen. The survey of over 1,000 companies shows that many owner managers of SMEs have categorically given a 'thumbs down' to the measures introduced, outlining that nothing of substance was done to promote and encourage entrepreneurship at a time when the development of indigenous business should be to the fore.

For instance when asked how Budget 2008 impacted specifically on their business a resounding 4 out of 5 of respondents (79 per cent) outlined that the Budget either had no impact or a negative impact. In contrast, only 21 per cent of SMEs were satisfied that Budget 2008 had a positive impact on their business.

These figures were replicated in the overall economic outlook where only 26 per cent felt the Budget was positive overall, with 74 per cent feeling that the Budget would make no difference or have a negative impact on the general business environment.

Only 37 per cent of companies felt that the Budget had met their expectations with 55per cent indicating otherwise, with the balance indicating 'Don't Know'.

53 per cent of respondents outlined that reform of stamp duty would have a positive impact on the economy with 40 per cent holding the opposing view.

Despite the fact that 41 per cent stated that the proposed VRT and motor tax reform would negatively impact on their business, 68 per cent of SMEs indicated that they were happy overall with the environmental changes introduced,

The decision to double the stamp duty on cheques was greeted with dismay by small business, with 75 per cent of companies outlining that this would have an adverse effect on their company.

With regard to the measures in the Budget specifically for small business, including the increase in the company preliminary tax and start-up threshold, together with the increase in the VAT registration threshold, an overwhelming three-quarters (73 per cent) of companies outlined that these initiatives would be of no benefit to their businesses. Only a paltry 18 per cent of companies perceive any benefits accruing to their businesses as a result of the budgetary measures introduced.

Commenting on the results ISME Chief Executive Mark Fielding said, "The survey results confirm if confirmation was needed that Budget 2008 was not a 'business budget', despite the weak assertions of the big business lobby group IBEC, well known for their adherence to stated Government positions. At a point in our economic cycle when businesses need encouragement and an impetus to compete internationally, very little was done to assist smaller companies develop and expand. While the Government constantly trot out that they are in favour of developing small business, the evidence in Budget 2008 is to the contrary".