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Budget reaction from the region

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Simon Theakston, executive director of T&R Theakston Ltd and chairman of the Yorkshire regional group of the British Beer and Pub Association (BBPA), said:

“I’m delighted by the decision to reduce duty for a second year. This is a Chancellor who is clearly listening to us.

“This reduction is a massive boost to our industry and one that will have a positive impact on investment and jobs in the British beer and pub industry in the years to come.

“This decision, made after considerable campaigning from many of our members and supporters, has been received very favourably, and I would like to thank the Chancellor on their behalf.

“I am confident this reduction will see the industry increase its economic contribution, both locally and nationally, and help ensure the long-term success of the British brewing industry and our much-loved pubs and clubs.”

Mr Theakston added: “I’d also like to thank our local MPs who have strongly supported our campaign.”

Simon Theakston (2)
Simon Theakston

 

 Tim West, Tax Partner at EY in Yorkshire, said:

“Having paid some of the price for reducing the corporate tax rate, manufacturers and heavy industry were given a welcome fillip today as George Osborne returned to a firm favourite of Chancellors past.

“Extending and doubling the Annual Investment Allowance to £500,000 provides immediate tax relief for investment. Costing over £1.5 billion in the first five years, this cash bonus should provide just the incentive business needs.

“In a further copycat measure, the Chancellor extended the Enterprise Zones reliefs on Business Rates and Enhanced Capital Allowances.

“More fundamentally, the Chancellor’s limits on the carbon price floor will deliver an overall tax package of almost £3.5 billion.”

“Osborne talked of the need to ‘out-compete, out-smart and out-do’ our competition. He will now be looking for manufacturers to out-perform.”

 

John Cridland, CBI director-General, said:

“The Budget will put wind in the sails of business investment, especially for manufacturers.

“This was a make or break budget coming at a critical time in the recovery and the Chancellor has focussed his firepower on areas that have the potential to lock in growth.

“The CBI has pushed hard for this significant and much-needed energy package that will help keep manufacturing jobs in the UK, while underpinning vital investment in new energy.

“The doubling and extension of the Annual Investment Allowance, together with making the seed enterprise investment scheme permanent, will be a shot in the arm for many medium-sized businesses.

“On pensions, what’s important is that people on low incomes can make more informed decisions on defined contribution schemes.

“For many, that will still mean taking advice and buying an annuity, but the increased flexibility will be welcomed.

“We are pleased that the Government has chosen to consult on the implications of making a similar change to defined benefit pensions as stability for these schemes is essential.

“Changes to the ISA system reflect our call to help rebuild a savings culture.”

 

Roy Cusworth, Beaumont Legal senior partner, said:

“It’s disappointing that the Chancellor has not indicated any significant change in business rates in the Budget today.

“This means further woe for struggling areas on the UK high street and for businesses across the board.

“Beaumont Legal is one of the fastest growing law practices in the UK and supports many business clients.

“We are all too aware that businesses make a huge contribution to investment, housing, jobs and growth of the UK economy.

“As business rates are based on rental values assessed before the economic downturn, thousands of small firms pay more in rates than they do in rent.

“The system is long overdue for overhaul and it’s a missed opportunity to provide help for businesses and the high street.

“In residential property, we welcome the news that Help to Buy is set to be extended until 2020, considering what it has done to help boost the housing market.

“Initiatives to support small building companies are also welcome to get house building to the levels which are required.

“The Chancellor clearly sees the housing market as an important force in economic revival but you can’t help feeling he could have done more.

“It’s disappointing to see no easing of Stamp Duty Land Tax.

“This is an added pressure on affordability of homes as house prices continue to rise and SDLT has not risen in line with house price inflation.

“This tax is a heavy burden on the housing industry and when SDLT became effective in December 2003 it affected homes over £250,000.

“If that threshold had risen in line with property price inflation, SDLT wouldn’t now begin until around £500,000.

“Instead, it applies even to first time buyers and starts at just £125,000 – something that seems morally wrong and the government should look to change in future.

“We can’t take this recovery for granted, consumers and businesses are at the very heart of economic recovery and, in this Budget, we have not seen enough positive changes that could have been made to provide some respite for businesses and homeowners and ultimately stimulate growth”

Peter Armitage, investment partner at Key Capital Partners, said:

“After a number of years of focusing on large corporates, this Budget has gone some way to rebalancing the economy, with the emphasis switching to the growth of smaller businesses.

“Policies that encourage companies to increase investment, such as the reduction of business rates and the considerable extension of the Annual Investment Allowance, will hand SMEs in Yorkshire a great opportunity to build for growth in an improving economic environment.”

Andrew Thornton who runs TaxAssist Accountants in Otley, said:

“Our pre-Budget survey revealed that 67 per cent of small businesses felt that the Government isn’t doing enough to help them.

“They cited the cost of employing people, fuel prices and rate of VAT as their top three issues and 58 per cent said the challenging economy remained the major obstacle, with only 34 per cent believing we’re on the road to recovery.

“It’s unlikely that this Budget will do much to change the view from small business that the Government is not listening to their concerns.

“Doubling the Annual Investment Allowance for businesses to £500,000 and extending it to 2015 is all well and good, but without access to vital finance for growth the measure is meaningless for many local business owners.

“The Chancellor did confirm measures already announced in his Autumn Statement, however, including the £2,000 cut to employer’s National Insurance costs, which is a strong incentive for creating new jobs.

“The continued freeze on fuel duty is also a lifeline for many trades people and service providers who make home visits.”

“The new announcement that the Government’s Help to Buy scheme will be extended to 2020 is great news for local traders involved in the construction industry, including builders, electricians, plumbers and estate agents.”

“Offering half a billion pounds of finance to small house building firms is particularly welcome.

“And, in addition to the two per cent cap on business rates, retail premises such as local pubs, cafes, restaurants and charity shops receive some much-needed support with the promised discount of up to £1,000 on business rates for premises with a rateable value  of up to £50,000.”

 

 

 

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