DERBYSHIRE: Commerce expert welcomes parts of the budget

Mr Cowcher said: “A number of measures announced in the Budget were business-friendly and welcome, including the National Insurance Contributions cut for employers, Capital Gains Tax relief and reductions in Corporation Tax, the increase in R+D credits, further assistance for start-ups, financial support for working parents and the new voucher scheme to enable small businesses to get support.

“The freeze in Fuel Duty, incentives to help house buyers and moves to significantly increase Government procurement from small firms are also welcome.

“However, there were many other issues which weren’t addressed and should have been. The Chancellor had a golden opportunity to ease the financial burden placed on many firms by scrapping damaging increases in business rates, but that didn’t happen. Whilst the announcement of a further £3bn annual funding for new transport and infrastructure projects is a positive move, the UK needs that investment now, not in 2015-16 as proposed.

“And it is also disappointing to see the Government pushing through further increases to Air Passenger Duty, which will make the UK less competitive and less attractive as an investment prospect.

“The Chancellor and his Cabinet colleagues need to keep front of mind that it is business that drives the economy, creates jobs and wealth, generates economic output and raises the revenue needed to pay for public services and they still need to go further to support enterprise and growth, and to implement their policies quickly and more effectively.”