Budget gets thumbs up from Milton Keynes Chamber of Commerce

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Cancelling the fuel duty rise will be a “huge benefit” to Milton Keynes businesses.

Paul Griffiths, Chief Executive of Milton Keynes Chamber of Commerce, says the increased cost, due to be implemented in September, would have been a significant cost to city companies.

The plans were announced in the House of Commons today as Chancellor of the Exchequer, George Osborne, delivered his final budget ahead of May’s general election.

Mr Griffiths said: “We heard the Chancellor present a pre-election Budget which supports businesses for the short and long-term.

“The abolition of Class 2 National Insurance Contributions(NIC) for the self-employed and scrapping of NIC for employing under 21s this April is also good news for employers.

“In delivering the Budget, Mr Osborne confirmed the Government will review the unpopular business rates system – a structure which provides huge discrepancies in bills regardless of turnover. This is long overdue.

“We also heard the Chancellor state the Annual Investment Allowance of £500,000, will not be cut to £25,000 at the end of the year as planned.

“This is welcome news, however it is not clear as to what the new figure will be so we wait to hear more details in the autumn - businesses need certainty to invest in the future.

“The Chancellor has presented a budget which backs the self-employed and small businesses and one that promotes economic security.

“Britain needs a long-term economic plan and the government or incoming government must stick with it.”

Opposition say the promises weren’t good enough - and that families in Milton Keynes still aren’t benefiting from the perks Mr Osborne has offered during his five-year term.