icRenfrewshire - Bosses welcome Budget measures
icRenfrewshire logo
icRenfrewshire Daily Express icHomes
Search icRenfrewshire for:


Bosses welcome Budget measures

16:25, Mar 20 2013

 

Businesses have broadly welcomed the Chancellor's Budget announcement but unions warned that any extra cash for Scotland will be offset by cuts.

George Osborne's spending decisions were made at Westminster on a day of strikes by union members angry at changes to pay and conditions.

David Lonsdale, assistant director of the Confederation of British Industry Scotland, said the Budget contains a number of growth-enhancing measures.

"The further planned reduction in corporation tax to 20% is significant and encouraging, especially as retained profits will play a bigger role in financing firms' future investment plans given the constraints on traditional lending," he said.

Fiona Moriarty, director of the Scottish Retail Consortium, said: "Accelerating progress towards the target £10,000 personal allowance is what we suggested as a way of easing the pressure on household budgets, giving customers the means to spend and increasing confidence in the wider economy."

Scottish Chambers of Commerce chief executive Liz Cameron said: "The Chancellor made his position clear that this was a Budget being brought forward against a backdrop of economic growth that was much lower than expected and with higher than planned levels of borrowing."

But Grahame Smith, Scottish Trades Union Congress general secretary, said the Budget is a failure.

"While the STUC had called for a major programme of infrastructure investment to get the economy moving, the measures announced today by the Chancellor are wholly insufficient," he said.

"Funding this investment through additional spending cuts dilutes any stimulatory effect, and the programme is in any case much too small.

"Given that any consequentials to Scotland will at least partially be offset by spending cuts, the STUC expects any stimulatory effect to be insignificant in economic terms. However, the additional pain for those affected by the cuts will be very real."

 

Top Top | Back Back |

E-mail to a friend | Printable version

 

 


Copyright and Trade Mark Notice
© 2013 owned by or licensed to Scottish & Universal Newspapers Limited.
icRenfrewshire™ is a trade mark of Scottish & Universal Newspapers Limited.
Please read our Terms and Conditions and Privacy Statement before using this site.
 
Advertisements

Jobs in Scotland: