Budget 2014 – Reaction from region’s business leaders

Cheshire-based engineering company founder Michael Oliver for example felt there was not enough help for exporters.

He said: “Notwithstanding the announcement that the lending available to exporters will be doubled to £3bn, this Budget remains yet another missed opportunity by the Chancellor to help turn the UK into a leading export nation.

“My idea of an export tax credit, which would reduce the tax bill for those selling their goods and services overseas, would actually reward those already exporting and provide a great incentive to those who want to pursue a more global outlook.

“If we want the economy to recover, we need to export more instead of relying on the UK’s legion of consumers, many of whom are likely to be racking up debts as they spend. It really is as simple as that.”

Mr Oliver did however welcome the cut in corporation tax rate.

Damian Waters, regional director of CBI North West was pleased with the help for industry in the region.

“The Budget will put wind in the sails of business investment, especially for manufacturers which are so vital to North West where the sector is worth £16.1bn to the economy in added value and employs 315,000 people.

“This was a make or break budget coming at a critical time in the recovery and the Chancellor has focused his firepower on areas that have the potential to lock in growth. The CBI has pushed hard for this significant and much-needed energy package that will help keep manufacturing jobs in the UK, while underpinning vital investment in new energy.”

Dave Brimelow, managing director of Manchester-based packaging manufacturer Duo UK echoed this theme.

“As a business that operates in the exports sphere we also welcome the doubling of lending for export finance to £3bn and cutting interest rates by one third.”

Manchester entrepreneur Lawrence Jones, owner of data centre provider UK Fast, was more positive though, declaring Mr Osborne’s move as a “step in the right direction.”

He said: “I’d rate this Budget as 7/10. It was a popularity budget. They’re trying to win friends and why not? You can feel it on every sales floor across the country, we are moving into a stronger economy. But we need something to continue the momentum not stifle it and this budget is trying to do that.”

Peter Done, whose business interest range from small business advice to property, said he has “mixed views” on the budget.

“There are some good elements for business however, there could have been more done. Corporation tax being reduced is very much welcomed, personally I think this should have been cut a while back.”

“My biggest frustration is that small firms are not supported enough. I would have liked to have seen the Chancellor provide more tax exemptions for some small firms giving them a greater incentive to grow.”