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NECC: More Required from Budget to Stimulate Growth

 

Reacting to today's Budget, North East Chamber of Commerce Chief Executive, James Ramsbotham, said:

NECC Chief Executive James Ramsbotham reacts to today's BudgetReacting to today's Budget, North East Chamber of Commerce Chief Executive, James Ramsbotham, said:

"There are numerous positives to be taken from this year's budget and it's good to see recognition of some of the NECC priorities put forward in our Budget submission to the Chancellor, in particular the cutting of taxes that raise the cost of employment. We also welcome the new measures on fuel duty and home ownership. However, the Government has fallen short of providing the raft of measures that businesses and investors need in order to kick-start growth.

"Growth remains the keyword and the Government must do all it can to get the economy moving. I would like to have seen additional support for employers with more focus on investment. The announcement on Corporation Tax is welcomed and will benefit businesses with headquarters in the UK, but more is required to stimulate economic growth, particularly as we know through our own Quarterly Economic Survey that North East companies stand ready to invest and continue recruitment.

"Compared to the Autumn Statement the Budget is un-compelling with very little on skills, inward investment or support for exporters, which is surprising given the export targets set by the Chancellor. Many regional businesses will wish the Chancellor had been more radical in the pursuit of growth."