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Thursday, 19 March 2015
Budget 2015: Reaction
The Chancellor George Osborne has delivered the final Budget statement of this Parliament. Here is a round-up of immediate reaction from the UK's leading industry bodies.
Confederation of British Industry (CBI)
John Cridland, director general of the CBI, said that the Chancellor has delivered some "encouraging" measures:
"Stability and consistency are what businesses need to grow and prosper. This Budget sets the tone, providing a clear plan for fiscal health and growth."
The British Chambers of Commerce (BCC)
John Longworth, director general of the BCC, praised the Chancellor for balancing the government's electoral objectives with the country's long-term deficit targets:
"Businesses in every corner of the UK want more sustainable public finances, and they also want governments to take steps to support growth. Once again, it appears that the Chancellor has pulled off a difficult balancing act, maintaining fiscal discipline while ensuring that necessary deficit reduction doesn't undermine the UK's growth prospects."
Federation of Small Businesses (FSB)
John Allan, national chairman of the FSB, commented on the government's review into the business rates system:
"The review into business rates is long overdue. When complete, it must deliver tangible benefits to businesses and not end up as just another report that sits on the shelf."
Association of British Insurers (ABI)
Huw Evans, director general of the ABI, spoke about the decision to further reduce the lifetime allowance:
"Pension providers support reform of pension tax relief but three piecemeal cuts to the current system in five years is the wrong way to go about it.
"We need a fundamental review of the whole system to make it fairer and to deliver long-term stability for people doing the right thing by saving for their retirement."