A number of key business leaders have provided their reaction to various areas of today’s Budget announcement:
Marches Growth Hub Chair, Dave Courteen welcomed many of the measures:
“The Chancellor is clearly doing much in this Budget to support businesses hardest hit over the last 12 months and that has to be welcomed. Of course, we will need to study some of the detail announced today to see just how far this Budget addresses all the key issues.
“There is much to be done to encourage and support new start-ups in the coming months as well as building our skills and training offering so that it can match the best in the world.
“What is really crucial is that no sector of business is allowed to slip through the net because support was not available when needed.
“The Marches Growth Hub will continue to work with all our partners – and all the terrific businesses which drive the economy across Herefordshire, Shropshire and Telford & Wrekin – to ensure our expert support and advice is available to all.”
Marches Local Enterprise Chair, Mandy Thorn said:
“There are a number of measures of support for the business community which will be welcomed across Herefordshire, Shropshire and Telford & Wrekin today,” she said.
“The impact of the pandemic on our hospitality and tourism sectors has been particularly savage, and we are grateful that this has been recognised at least in part in today’s Budget.
“The 130 per cent ‘super deduction’ in tax for companies which invest in innovation also sounds promising.
“But some of the changes in the national tax structure announced today will also cause some concern amongst businesses. Increasing Corporation Tax – even with the exemption for companies making less than £50,000 and the full rate only kicking in on £250,000 profits – could have a dampening effect on the very things which drive economic growth.
“Our economy is fragile and we need to support small businesses, celebrate their successes and create the conditions for further growth and expansion, rather than increasing the amount we tax them on their profits.
“The Marches LEP has been working alongside our entire business community and our partners to draw up a recovery plan for this region and we are determined that this will seek to create the long-term conditions for a sustainable and prosperous future.
“It is in all our interests to find a longer-term fix to the UK’s national debt rather than burden businesses or individuals.”
Jonathan Mountford MRICS, who heads up GJS Dillon’s Residential Surveys and Valuations department, responds to today’s Budget announcement regarding the extension of the stamp duty holiday by 3 months:
‘This is welcome news for home buyers but 3 months can go very quickly. We’d advise them not to leave it to the last minute to book a survey if they are going to meet the completion deadline of 30th June’
Adam Marshall, Director General of the BCC, said:
“There’s much to welcome in this Budget for business communities across the UK. The Chancellor has listened and acted on our calls for immediate support to help struggling businesses reach the finish line of this gruelling marathon and to begin their recovery. Extensions to furlough, business rates relief and VAT reductions give firms a fighting chance not only to restart, but also to rebuild.
“We particularly welcome the massive ‘super deduction’ investment incentive that the Chancellor has put in place for the next two years. This responds directly to our call to encourage those businesses that can to invest and grow.
“While no business will relish paying higher rates of Corporation Tax in future, the impact of the Chancellor’s tough decision is blunted by the big new incentives for investment, lower rates for the smallest firms, and the extension of Coronavirus support measures in the short term.
“This Budget provides reassurance to businesses, provided that they are able to restart and rebuild according to the Government’s road map. If firms face unexpected bumps in the road, the Chancellor must be prepared to take action until the economy is firing on all cylinders again.”
A full overview of the 2021 Budget can be found here.
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