Budget 2014: responses
19th March 2014
Chancellor George Osborne delivered his 2014 Budget statement on 19 March 2014. Here is a round-up of reaction from industry bodies.
Federation of Small Businesses (FSB)
John Allan, national chairman of the FSB, praised the Chancellor's measures to assist the manufacturing sector but expressed doubts about the decision to introduce a new pound coin:
"Today's Budget offered a clear signal for businesses to grow through the increased investment allowance with a focus on manufacturing. The £7bn package to cut manufacturing energy bills will help create jobs and strengthen this key sector.
"Small firms who deal with low priced items are more likely to be effected by fake currency but we do have concerns about the extra costs of introducing a new pound coin."
Confederation of British Industry (CBI)
John Cridland, director general of the CBI, said the Chancellor's the Budget would put "wind in the sails" of business investment:
"The doubling and extension of the Annual Investment Allowance, together with making the seed enterprise investment scheme permanent, will be a shot in the arm for many medium-sized businesses."
British Chambers of Commerce (BCC)
John Longworth, director-general of the BCC, said the Chancellor delivered a disciplined and focused Budget:
"By making a better business environment his top priority, the Chancellor has recognised that successful and confident companies are the key to transforming Britain's growing economic recovery into one that is felt in homes and on high streets."
Forum of Private Businesses (FPB)
Phil Orford, chief executive of the FPB, welcomed the support given to exports:
"The headlines for business today are on energy policies and export. There are sizeable gains for UK manufacturers here in particular over the next few years. On export the Chancellor has thrown his weight behind getting more businesses exporting."
British Retail Consortium (BRC)
Helen Dickinson, director general of the BRC, welcomed the Chancellor's support for savers and young employees:
"Our customers will welcome the Chancellor's focus on putting more money in their pockets through changing the tax thresholds, fuel duty and savings and pensions arrangements.
"We applaud the Chancellor's measures to support 100,000 more apprenticeships and the re-confirmation that he will scrap the jobs tax for under-21s."
Association of British Insurers (ABI)
Commenting on the pension reforms, Otto Thoresen, director general of the ABI, said:
"It is right for people to be offered a range of options to generate retirement income, and it is crucial to ensure that customers have the information they need to make the right choice for their circumstances."