BUDGET: CBI welcomes proposals

The CBI has praised the Government for presenting a balanced
budget that will not destabilise the economy.

Digby Jones, the CBI’s director general, commented, “I am
pleased that despite electoral temptation the Chancellor has opted for a
balanced budget which will not upset the UK’s macroeconomic stability or reduce
the chance of much needed cuts in interest rates.

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“Measures for business rightly aim to stimulate investment
in R&D and encourage continued growth of smaller firms. The abolition of
the Minimum Funding Requirement for pension funds is good news. “Substantial
investment in regional development is also good to see. Tax credits for
employers fulfilling training programmes is a project we welcome and we will gladly
participate in. The changes in VAT for smaller firms are exactly what we have
been asking for.

“The fly in the ointment was that the Chancellor did nothing
to soften the blow of the Climate Change Levy which is seriously damaging UK
competitiveness. And he still refuses to address the level of stamp duty on
share transfers which damages the City of London’s standing as the world’s
financial capital.”