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.
“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.”