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IoD welcomes the Chancellor's budget

The Chancellor George Osborne gave his Budget Speech in Parliament on Wednesday afternoon.

Highlights for businesses included a reduction in corporation tax, stricter rules around tax avoidance and the introduction of capital gains tax relief for businesses sold to their employees.

The Institute of Directors’ director general, Simon Walker, reacted: “We applaud this budget. The Chancellor has stuck to his guns and held his nerve - which is exactly what we wanted to see.

“Deficit reduction is not an optional policy, it is an absolute necessity, and he is right to reject the siren calls to abandon it.

“Businesses will be glad that George Osborne has also continued the downward pressure on Corporation Tax.

“Britain must become the most competitive place to do business, and lower taxes will attract welcome investment from abroad.

“The new allowance to reduce the tax on employing people is a welcome boost for businesses who are working hard to grow.

“The private sector has done a huge amount to improve the employment figures, and it is right that they are rewarded for doing so. This will see more people helped out of unemployment, which is a very good thing.

“We have long called for a co-ordinated set of policies to encourage the development of a UK shale gas industry.

“The Chancellor is absolutely right to set attractive conditions for shale exploration - this will create thousands of jobs, and reduce our reliance on expensive foreign imports.”

This was posted in Bdaily's Members' News section by Miranda Dobson .