Chancellor George Osborne announced a tough Summer Budget yesterday in an effort to turn the UK’s whopping £70 billion deficit into surplus. But what does it all mean for UK small businesses?

Xero UK MD Gary Turner shares his thoughts on the pros and cons of this year’s Summer Budget.

2015_JULY_UK_TAX - Summer Budget: What it means for UK small business

UK Summer Budget from Xero on Vimeo.

Off camera, we spoke with Xero customer and founder of coffee and cocktail bar group, London Grind, David Abrahamovitch, about what the Summer Budget means for his business.

David comments on the announcement that local authorities and city mayors will now be able to set Sunday trading hours: “The ‘Monday to Friday 9-5’ trend is fading fast. In a world where we can order food, a taxi, and check your cash flow on your phone, it seems archaic for all the shops to close at 6pm just because it’s a Sunday.

“Our Soho branch, Soho Grind, always gets a trading boost over the weekend when people are out shopping. So longer Sunday trading hours means thirstier shoppers, which is good news for us!”

The idea of extended Sunday trading hours is not a novel idea. Scotland has long since welcomed the additional weekend trading hours, so England and Wales are now catching up with retailers north of the border.

Emma Izatt Xero

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