Tees Valley Unlimited MD Stephen Catchpole said: 'I think you can call it a Budget for Teesside'
Business leaders in the region have broadly welcomed Chancellor George Osborne’s Budget.
Speaking at the Tees Valley Unlimited Budget Live event, which was held at Teesside University’s Darlington campus yesterday, MD Stephen Catchpole said: “I think you can call it a Budget for Teesside. The business rate discount extension in enterprise zones is great news. A little unexpected, as we had been lobbying for it and had been turned down.
“But the Government just needed to look at the success that has happened and how much the zones are an added tool they can use to bring in investors.
“The support for high-energy users is also very important and will be key for firms like SSI and SABIC - and many others across the region.”
But giving the Budget “seven out of 10” he added: “We needed more information about access to finance to help companies make their plans.”
Alastair Thomson, dean of Teesside University Business School, said finding a way to help high-energy firms could have a “phenomenal impact” on Teesside.
“The impact right along the supply chains would be huge as well. We need to attract and retain these large companies, which will in turn help the suppliers.”
North East Chamber of Commerce policy director Ross Smith said: “What we got was a series of measures that match NECC members’ priorities. Greater support for exporters and energy intensive industries play to the region’s strengths, while measures on skills and capital investment are also welcome.”
David Coppock, regional director for UK Trade & Investment in the North-east, added: “We welcome the Budget announcement that the UK Export Finance Direct Lending Scheme will be doubled to £3bn and a consultation to change legislation to allow us to better meet the needs of small businesses exporting will be launched.”
Tom Riley, managing director of Teesside-based WhiteWash Laboratories, which provides teeth whitening and oral care products and exports to more than 20 countries, added: “It’s a very encouraging endorsement for UK companies which are already selling overseas, or which are looking to market their products abroad, to see that the Government is getting behind them by doubling the funding available to companies to help finance export.”
But Ian Malcolm, managing director of Redcar-based automative parts manufacturer ElringKlinger (GB) added: “This was a Budget for an election, for the pensioners and the savers.
“There was nothing much to float my boat as an employer and the lowering of the energy bills won’t affect our business.”
He added: “The extension of the schemes in terms of the enterprise zones will be helpful.
“Personally, if the economy is growing faster than any advanced nation much more could have been done to support manufacturers of our size.
“I was actually hoping to see the Government do more to simplify the tax system because the red tape in UK business is immense.”
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