- 6 updates
The chief executive of EEF, the manufacturers' organisation, said the Budget statement "still feels like a job half done" despite containing "some helpful measures on business taxation and some signs of re-prioritising spending for growth".
"The Chancellor had over £11 billion of under-spending in his arsenal and should have done more to drive growth now, particularly through accelerating investment in infrastructure", Terry Scuoler said.
Airline groups say they are disappointed that the Chancellor put "beer before aviation" by making no changes to the air passenger duty airport departure tax. It's due to rise again next month.
Dale Keller, Chief Executive of airline group BAR UK, said: "Just because the industry was fully expecting a slap in the face from the Treasury does not make it any more palatable. It's beyond belief that the Chancellor has put beer before aviation."
The Federation of Small Businesses (FSB) said Chancellor George Osborne has "pulled out all the stops" with a "wide-ranging package" of measures to support small businesses.
National chairman of the FSB John Walker said, "The housing initiative will help reinvigorate the construction sector in which many of our members operate".
"National Insurance cut goes beyond what we were asking for and we are pleased to see the scrapping of the 3p fuel duty due in September", he added.
- New Employment Allowance will take the first £2,000 off the employer National Insurance bill of every company in the country
- Around 450,000 small businesses - one third of all employers - will pay no employer National Insurance at all after introduction of Employment Allowance in April next year
- Small firms will be given help through Government procurement budgets, growth vouchers and controls on regulators' charges
- The Capital Gains Tax holiday will be extended
- Corporation tax to be reduced by a further 1% to 20% in April 2015
- Small company and main rates of corporation tax merged at 20p
Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, says: "Corporation Tax will come down one per cent from April 2015.
"For the first time in many years there will be a single rate of Corporation Tax at an internationally competitive rate of 20 per cent. This is very good for business and as an encouragement for inward investment in the UK."