The Chancellor announced a raft of measures designed to support business and industry, particularly focusing on fledgling businesses, SMEs and entrepreneurs.
The announcement made for encouraging news for businesses and entrepreneurs in Milton Keynes and the South Midlands as they prepare for an upturn in the economy but many will remain sceptical until they see the announced measures working in practice, according to Lucy Redding (pictured), head of tax at PwC in Milton Keynes.
She said: “The announced reduction in business rates, extension of the time to pay scheme and provision of easier access to finance are all undoubtedly welcome news for local businesses.
"The region’s entrepreneurs and wealth creators will also be cheered by the extra support on offer in the form of the increased threshold for entrepreneurs’ relief, as will the regional construction industry by the significant investment in the road network.
“However there will still be a certain amount of scepticism in the region until businesses can see some of the measures working in practice. This will particularly be the case in relation to bank lending and the establishment of a credit adjudication service.
“Ultimately, though buoyed by many of the measures announced in today’s Budget, Milton Keynes and South Midlands businesses and entrepreneurs will now be looking to the post-election budget and the views of the next Chancellor for further support to help them prepare for growth.”
