# HAMMOND’S BUDGET PUNISHES AMBITION, UNDERMINES ASPIRATION AND WILL BACKFIRE ON BREXIT BRITAIN Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-03-10 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Chancellor's Budget Punishes Ambition: DeVere CEO Meta Description: The Chancellor's Budget hits hardworking entrepreneurs with tax hikes, discouraging innovation & job creation for long-term economic growth. URL: https://financedigest.com/hammonds-budget-punishes-ambition-undermines-aspiration-and-will-backfire-on-brexit-britainhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/young-stylish-businessmanm-1-1736844102527-compressed.jpg) The Chancellor’s Budget punishes ambition, undermines aspiration and will backfire on Brexit Britain, affirms the CEO of one of the world’s largest independent financial advisory organisations. Nigel Green, founder and chief executive of deVere Group, is speaking out after Philip Hammond announced in his first Budget plans to increase the taxes paid by the self-employed. Mr Green says: “This tax grab will hit millions of Britain’s hardworking entrepreneurs. This group of self-reliant people are the lifeblood of the economy. They take on the risks and expense of running a business, whilst simultaneously creating jobs and wealth. “Hiking [taxes on the self-employed](https://www.financedigest.com/self-employed-taxpayers-and-making-tax-digital.html "Self-employed taxpayers and Making Tax Digital") punishes ambition and undermines aspiration to get on in life. “Slapping on extra penalties and [putting up additional barriers disincentivises people from launching](https://www.financedigest.com/britains-covid-inquiry-launches-with-pledge-to-put-bereaved-at-its-heart.html "Britain’s COVID inquiry launches with pledge to put bereaved at its heart") new enterprises. He continues: “Placing extra burdens on the self-employed will, I believe, turn out to be a masterclass in the law of unintended consequences. It will backfire by further reducing the tax base to even fewer people. “It will encourage people to remain in lower-paid employment, rather than contributing to the [economy more productively](https://www.financedigest.com/why-building-new-products-for-a-circular-economy-is-essential-if-we-are-to-preserve-the-earths-finite-resources.html "Why building new products for a circular economy is essential if we are to preserve the Earth’s finite resources") and more widely by setting up their own businesses. It will discourage investment and job-creation – the opposite of what’s needed for long-term, sustainable [economic growth](https://www.financedigest.com/oil-prices-hold-firm-amid-hopes-for-economic-growth.html "Oil prices hold firm amid hopes for economic growth"). “Surely, if the UK is to thrive outside the EU, it should be aiming to keep and attract more entrepreneurial self-starters. Why is the [government seemingly driving them away or driving them to be less economically](https://www.financedigest.com/uk-minister-says-government-will-work-with-obr-on-economic-forecasts.html "UK minister says government will work with OBR on economic forecasts") productive? Mr [Green goes](https://www.financedigest.com/gumgum-goes-green-with-cedara.html "GumGum Goes Green with Cedara") on to say: “What many will find particularly galling is that the Chancellor has more room for ‘giveaways’ as an expected downturn failed to materialise in the wake of the Brexit vote last June, and with the UK economy predicted to grow by 2 per cent this year.” The deVere CEO concludes: “Clearly, the government needs to plug a hole in its finances to help manage the [social care](https://www.financedigest.com/tmwi-appointed-by-zeiss-vision-care-to-drive-integrated-paid-social-campaigns.html "tmwi appointed by ZEISS Vision Care to drive integrated paid social campaigns") crisis and other matters, but imposing a tax hike on self-employed wealth creators is not the answer.  Indeed, it is incredibly short-sighted and could have long-term, adverse effects for the UK. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---