Business unease over curate's egg budget
The initial reaction from business groups to the UK Budget on Wednesday was that it contained a lot of good bits, but some dodgy elements bits, too.
Related:
- UK budget: visa easing now, tax tightening later
- Government review backs new fintech visas
- UK firms' hiring plans at year-long high
“Our industry is already the biggest contributor to Britain’s public finances. However, the UK cannot forget it exists in a highly competitive global landscape."Changes to corporation tax need to be matched with a commitment to streamlining and simplifying the UK’s tax code, and we welcome the review of the bank surcharge which has long placed UK headquartered firms at a disadvantage to those in New York and in Asian centres. We look forward to seeing further detail on this proposal."Mr Celic also welcomed moves to put the UK at the forefront of the green finance revolution and "to make sure we can find and train the highly skilled talent we need from within the UK and internationally".Adam Marshall, director-general of the British Chambers of Commerce, said there was much to welcome in the 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.“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."Stephen Phipson, chief executive of the manufacturers' organisation Make UK, said the Budget measures provided certainty and clarity given the difficulties posed by the pandemic.“In particular, industry will welcome the extension of the furlough scheme and a clear recognition that we urgently need an investment-led recovery. The promise to consult on further changes to R&D is also welcome and government must now move urgently to implement this so further policies to boost levels can be brought forward," he said.“We must now seize the opportunity provided by new technologies and the drive towards net zero to set out a longer term vision for the economy. This must include a long-term Industrial Strategy which looks ahead twenty years and involves a laser like focus on innovation based on a partnership between the public and private sectors, together with our world class science base.”
Read more news and views from David Sapsted.
Subscribe to Relocate Extra, our monthly newsletter, to get all the latest international assignments and global mobility news.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online Directory©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.