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What does the budget mean for local business?

What does the budget mean to local businesses? George Osborne opened his 2013 Budget with a focus on the UK labour market.  Considering the limited tools available, there were some welcome measures to make work pay and stimulate further employment, including an increase in the personal allowance to £10,000 from 2014.
The employment allowance is interesting and entirely new, taking the first £2000 off employers  NIC bill from 2014.  This 2k discount means that a business could take one new employee at a salary of 22k or 4 at NMW, without having to pay any additional NI contributions.
Cassie Bray from the H&W Chamber of Commerce explained that,  “The Chamber would have liked to see more consideration around business rates and particularly support for small businesses to encourage growth. The freeze on fuel duty will be a great help to all business, local beer producers are welcoming the cut in beer duty and all businesses will benefit from the cut in Employers NI.”

Gerard Smith, Partner at Andrew Grant feels that “Overall the budget provides well-meant and aspirational measures to boost and sustain essential activity within the presently moribund housing  industry”.  He explained further “The 2013 budget provided for the first time in years substantial stimulus to the housing market, not before time. The innovative Government funded interest-free and equity-share loans to be introduced from 2014 are  real products  enabling not only more and easier first time buyer purchases (delivering  mortgage facilities around designer 5% deposits)  but also upward purchases for 2nd  and 3rd time buyers particularly for new house builds to a value of £600,000. This should create fresh house market traction, more new development, increased lending and measurable mobility. Yes, the cynics can say that  the developers will start to develop, and lenders might lend more and that the Government will share in the increase of share-based equity values but surely that’s only, well.... sensible and equitable! For the SIPPS markets interestingly the Chancellor indicated that soon savers may be able to include residential investments in their personal pension funds. This would be welcome versatility.”


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