Comments from the world of business
Jon Di-Stefano
Telford Homes Plc chief executive
I would say it was very positive. From a general company point of view the reduction in corporation tax is a good thing. On the property side, his comments about infrastructure and transport in London, particularly a new river crossing and longer trains, were also positive. The stamp duty rises don’t affect us but the planning system reforms look like they have survived intact with a presumption in favour of sustainable development: anything that improves planning by reducing red tape is welcome. He’s done as well as could be expected under very difficult circumstances.
Joanne Segars
NAPF chief executive
The huge focus on infrastructure was quite right. We lag behind much of the developed world and need to increase investment. Together with the Pension Protection Fund we are working on how to develop an infrastructure fund run by pension funds for pension funds and are targeting £2bn which will represent significant investment by UK pension funds to go into government and private-sector projects.
Sarah Balfour
Entrepreneur, CEO Orchid Events
The rise in income tax allowance to £9200 from April 2013 will help and is a positive step in the right direction. Simplifying the tax administration system for small firms with turnovers of up to £77,000 is sensible, too. But I was disappointed with the lack of changes to fuel duty plans. For small businesses like mine, travel isn’t a luxury: Fuel prices are already high and arepushing up the costs of doing business.
Steve Ridgway
Virgin Atlantic CEO
OSBORNE said this Budget was all about business, but he ignored air passenger duty, which is just as much of a disincentive to business as the 50% tax. APD has gone up 360% in the past six years. You’ve only got to look at how few businesses have come to the UK in that time to see its real economic impact. If this really was a budget for business, Osborne would have addressed APD. He said a few words on Britain’s airport policy — yes, let’s have this policy review —but the Government can’t leave Heathrow off the list of options.
Edward Bonham Carter
Jupiter CEO
It is pleasing that the Chancellor will be implementing measures to boost growth and entrepreneurship, such as greater cuts to the rate of corporation tax, as well as introducing new anti-avoidance rules. Increasing the personal allowance and raising the level at which child benefit will be lost will go some way to helping families deal with higher living costs and increase the amount of their income they can save.”
