Dr Phyllis Starkey, MP for Milton Keynes South West, was speaking at the annual Milton Keynes & North Bucks Chamber of Commerce Budget Breakfast event, held two days after one of the most important budget speeches in the last 50 years.
More than 150 people attended the event at Wilton Hall in Bletchley, sponsored by chartered accountants MacIntyre Hudson LLP. It aimed to give an overview of how the budget will impact both directly on themselves personally and also how it will affect their businesses over the coming 12 months and beyond.
Dr Starkey (pictured) spoke about the important and sometimes difficult decisions having to be made by the Treasury but added how ‘well-placed’ Milton Keynes was to position itself at the forefront of the upturn when it inevitably comes.
Mikes Hayes, tax partner at MacIntyre Hudson in Milton Keynes, and the firm’s VAT specialist Alison Horner, explained some important changes in the Budget within personal and professional areas including income tax rates, changes to pensions, ISA allowances, capital allowances, and company cars. There was some good news on corporation tax, Mr Hayes told his audience.
Alison Horner talked specifically on the area of VAT and how changes within the budget will affect the business community. She stressed the need for future planning as the VAT rate is set to revert to 17.5% on January 1 2010 and businesses could help reduce the impact cost if they start planning early.
Milton Keynes & North Bucks Chamber chief executive Rita Spada said: “This annual event run by the Chamber is now a must for all local businesses. It is vitally important that they fully understand the implications of this latest budget in the current economic climate."