DNCC: “Budget For Business Doesn’t Go Far Enough”
Commenting on today’s Budget announcement, George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: “Chancellor George Osborne introduced this Budget as ‘unashamedly business friendly’ and whilst it was fiscally prudent, we saw little concrete evidence to support that claim.
“Whilst it is right that Government needs to put stability first, that should not come at the expense of creating the right environment to encourage economic growth, business expansion and job creation.
“The Chancellor did make some positive noises about enterprise, simplifying planning, boosting skills amongst young people, investing in infrastructure and supporting priority sectors like bioscience, pharmaceuticals and the creative industries. However, he could have introduced more solid measures which would make a real difference to businesses in the current economic climate.
“Further reductions in Corporation Tax are welcome. However, scrapping the forthcoming 5.6% up-rating of business rates – or at the very least, capping it at 2% – would have encouraged investment and boosted job creation and growth by providing business with relief from high inflation, certainty on future rates and the confidence to invest and expand.
“Businesses will welcome the extension of the Enterprise Finance Guarantee; more money for the Growing Places Fund; plans to reduce red tape in the planning system; aspirations to double exports; and moves to attract foreign investment in UK infrastructure.
“However, the Chancellor could have done more today in terms of investment in transport infrastructure in the East Midlands.
“With improvements to the northern rail hub and increases in the capacity of airports in the South East announced today, there is a danger of this region becoming the ‘squeezed middle’, unless the Government brings forward proposals to speed-up and electrify the Midland Main Line and other rail schemes that support local economic growth.”
