Wednesday 18th October 2017
Home Accountants Warm reaction to Budget

Warm reaction to Budget

E-mail Print PDF

The Budget has received a broadly positive response from business groups across the region.The New Anglia Local Enterprise Partnership welcomed the Budget which could help boost boost jobs growth in Suffolk and Norfolk.

Andy Wood, chairman of New Anglia said: “Small businesses across the two counties will benefit from the £2,000 reduction in National Insurance contributions. We also welcome the decrease in corporation tax, to 20%. We’re pleased that the Chancellor has endorsed Lord Heseltine’s plans for a single Local Growth Fund and plans to invest in key sectors such as agri-tech through the Industrial Strategy.” The agriculture and logistics sectors in particular will benefit from the scrapping of the planned fuel duty rise.

R & D

There was encouragement for the R&D sector with the Above-The-Line R&D tax credit rate being increased from 9.1% to 10%, applying from its introduction date of 1 April 2013. The Chancellor also announced a consultation into a potential tax relief for the visual effects industry, again supporting innovation. Both of these areas could be of great benefit to many businesses in the Cambridge area, according to accountancy firm Peters Elworthy & Moore.

Growth

Pippa Bourne, East of England regional director of ICAEW, said: “Whilst the economic news confirmed many of our fears, this budget clearly places an emphasis on helping businesses grow. Doing more to help SMEs create jobs, giving them access to professional advice and encouraging lending will continue to make the UK the most attractive place to innovate and run a business. Together, lots of small measures announced today may just add up to a growth strategy which businesses can work with.”

Housing boost

“Business across Suffolk will see the Budget as a mixed bag,” said the President of the Suffolk Chamber of Commerce Dr Peter Funnell. “We welcome the Chancellor’s commitments on housing and energy.  Suffolk has long been designated for major housing expansion and, therefore, this may well be a great boost to house builders, construction companies and their supply chains in East Anglia.”

Last Updated ( Thursday, 18 April 2013 10:34 )