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Budget 2014: the business reaction

19 Mar 2014

Business groups have given a positive response to Chancellor George Osborne’s 2014 Budget speech.

The Confederation of British Industry (CBI) welcomed the announcement of a new energy package for UK manufacturers, together with the doubling of the Annual Investment Allowance.

CBI director-general John Cridland said, ‘The Budget will put wind in the sails of business investment, especially for manufacturers’.

‘This was a make or break budget coming at a critical time in the recover and the Chancellor has focused his firepower on areas that have the potential to lock in growth.’

Meanwhile, the Federation of Small Businesses (FSB) argued that the Budget ‘steers a steady course for small businesses’.

John Allan, FSB national chairman said, ‘Today’s Budget offered a clear signal for businesses to grow through the increased investment allowance, and with a focus on manufacturing’.

The British Chambers of Commerce (BCC) echoed these sentiments, with BCC director general John Longworth welcoming describing the Budget as ‘disciplined, focused, and geared towards the creation of wealth and jobs’.

However, while welcoming the additional assistance for manufacturers, the TUC warned that the Chancellor had delivered a ‘pre-election Budget’ which had failed to lift living standards for many UK individuals.