Caithness Chamber comments on summer budget 2015
Published 09 Jul 2015Commenting on the Chancellor’s Summer Budget, delivered yesterday (8th July), Trudy Morris, chief executive of Caithness Chamber of Commerce said:
“This Budget was generally good news for businesses in the region and for the UK economy as a whole. We welcome the news that Corporation Tax is to be cut to 18% by 2020 – this is a key factor in encouraging businesses to invest in the UK and will bring some relief to many existing businesses.
“However, we are concerned that the UK Government has again failed to address other taxes affecting businesses in the region. We have long argued that cutting VAT on tourism businesses would provide a real boost to the sector, and it is disappointing that the Government has once again failed to address an issue of real importance to this key growth sector.
“We also welcome the increase in and extension of the Annual Investment Allowance. Assisting businesses with their investment is key to growing our economy and we are pleased that the UK Government has recognised this.
“Further increase in the Employment Allowance is also welcome news for local businesses.
“With regards to the introduction of the new National Living Wage, we have real concern that this will represent a significant burden on businesses, particularly SMEs. We echo the call of our colleagues in Scottish Chambers of Commerce that businesses need assurance from Government that their concerns will be listened to and taken into account.
“We will be seeking the views of our members on this issue and hope to discuss this and other issues of importance to businesses in the area with our new MP, Paul Monaghan, at the earliest opportunity.”