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Liverpool Chamber Sees ‘Mixed’ Budget April 22, 2009

Posted by liverpoolchamber in News, Policy.
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graphBrian Mc Cann, Board Member of Liverpool Chamber of Commerce commented on today’s budget saying: “It’s been a mixed budget, though importantly it is one which should have an immediate impact. The measures announced will help businesses now rather than in 12 months time, particularly the support becoming available for the automotive industry.”

“I am pleased to see the £750m investment fund being made available for bio and digital industries, as this is an emerging sector in the Merseyside economy.”

“There have been some good measures for existing businesses coming out of this budget too. The doubling of the main capital allowance rate to 40% will encourage firms to bring forward investment. The ability for businesses to reclaim more taxes paid in the last three years until November 2010 should significantly ease the issue of cash flow, helping to keep the companies trading during this difficult economic period.”

Maresa Molloy, Liverpool Chamber’s  Head of Policy commented: “We are pleased to see £250m investment in jobs and training and the planned investment in green, creative and digital technologies will have a positive impact on the city if we can get the money to come through quickly enough.

Support for the emerging ‘green economy’ was on Liverpool Chamber’s ‘wish list’ and we welcome the increased funding. Low carbon energy and advanced green manufacturing is a growth area in Merseyside.

Next quarter’s QES results, due in June, will show the immediate reaction of the region’s business community to this budget.”

The ‘car scrappage’ scheme will stimulate demand in the in automotive industries that is good news for both Halewood and Ellesmere Port and the thousands of jobs dependant on the success of this industry.

Value retailer, Joe Morris from Liverpool based chain, Home Bargains gave his view saying: “My biggest concern is that the economy is predicted to drop by 3.5 per cent next year. The country needs businesses to be profitable, to pay taxes and NI and create employment. I can’t where the spending that the Chancellor has committed to is going to come from.”

Director General of the British Chambers of Commerce (BCC), David Frost, said:
“The Chancellor appears to have understood that it will be business driving the economy out of recession, and there are some good measures that reflect this.

“The Budget rightly acknowledges that the official GDP forecasts in the November PBR were far too optimistic. The recession is clearly much deeper than previously envisaged. The new GDP growth forecast, of –3.5% in

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