Budget comment: IoD

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The IoD in the South West has voiced its approval for the Chancellor’s Budget.

It said it welcomed the acceleration in the reduction in Corporation Tax to 26% and also “the very clear statement” that the 50% rate of Income Tax is a temporary measure.

It said the 50% rate was damaging to long-term economic prospects and needed to be repealed “as soon as possible”.

Commenting on the Budget measures, Gerry Jones, chairman of the IoD in the South West, said: “We welcome the raft of supply side measures announced in the Budget.

“The combination of reduced Corporation Tax and planning liberalisation will help to lift business confidence at a difficult time.

“However, the scale of deregulation in areas that really matter to business in general, such as employment law, is still very limited.

“And while the 21 new enterprise zones have real potential, we question why the whole of the UK can’t be an enterprise zone.

He continued: “This was a Budget aimed at changing perceptions and boosting business confidence about long-term economic prospects in the UK. The Chancellor didn’t have much money to play with but he played his hand well.”

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