Wet summer blamed for high street woes

The wash-out start to the summer added to the woes of the high street and triggered a 10.3% rise in retail collapses between April and June.

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Shop vacancies fall but north-south divide widens

Shop vacancies in Britain dropped to a three-year low in 2013, although some northern regions saw numbers rise compared to 2012.

Empty shops in Bradford city centre
Empty shops in Bradford city centre Credit: Anna Gowthorpe/PA Archive/Press Association Images

Vacancies dropped to below 14 per cent last year, down from 14.6 per cent in February 2012, said a report by the Local Data Company.

But the proportion of empty shops rose in the north east and north west to a combined average of 17 per cent - nearly 5 per cent higher than the average of 12.2 per cent.

Seven out of 10 of the worst performing regions were in the north east or north west, while six out of the 10 best were in Greater London.

Whitbread plans for Costa and Premier Inn expansion

Leisure group Whitbread has vowed to step up expansion of its Premier Inn and Costa chains in a move set to create 12,000 jobs over the next five years.

Whitbread own coffee shop chain Costa. Credit: PA

The latest pledge came as it reported an 11% rise in underlying profits to £356.5 million for the year to February 28.

Having created 3,000 UK jobs over the financial year, it announced new targets which will see it grow Premier Inn by 45% to around 75,000 rooms and double coffee chain Costa's sales to around £2 billion.

The hotel and restaurant group also own Beefeater and Brewers Fayre restaurants.

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EEF: Budget 'still feels like a job half done'

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.

Chancellor 'putting beer before aviation'

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.

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. Credit: PA Wire

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."

Institute of Directors 'applauds' Chancellor's Budget

We applaud this budget. The Chancellor has stuck to his guns and held his nerve - which is exactly what we wanted to see. Deficit reduction is not an optional policy, it is an absolute necessity, and he is right to reject the siren calls to abandon it.

Businesses will be glad that George Osborne has also continued the downward pressure on Corporation Tax. Britain must become the most competitive place to do business, and lower taxes will attract welcome investment from abroad.

– Institute of Directors

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FSB: Osborne has 'pulled out all the stops'

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.

How the Chancellor's Budget plans to help business

  • 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

Cut in corporation tax but nothing on business rates

by - Former Business Editor
The Chancellor delivering his Budget Credit: PA Wire/PA Wire/Press Association Images

Corporation tax will go down to 20p by 2015 - that will be very welcomed.

It is not entirely unexpected but it will be popular with business. It does not sound like there will be any action on business rates though.

Remember that businesses pay more than twice as much in other taxes than they do in corporation tax.

The problem is that Infrastructure money, childcare support and corporation tax are all measures coming in after 2015. Those clamouring for action now will not be happy.

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