In the Spring Budget announcement for 2024, Jeremy Hunt highlighted his plans to improve the UK's economy, prompting reactions from industry leaders across the country.
Dr Roger Barker, director of policy at the Institute of Directors, said:
"First and foremost, business was hoping for a Budget that would maintain a stable and credible policy framework for business. The Chancellor largely delivered that.
"However, beyond that, there was little in the announcements that can be regarded as a game-changer for business. Rather than addressing the UK's longer-term economic issues, it fell short of delivering a comprehensive plan for sustainable growth and investment."
Cllr Shaun Davies, chair of the Local Government Association, said:
"Councils of all political colours are starting this financial year in a precarious position and having to scale back or close a wide range of local services, so the continued squeeze in public spending in the years ahead is a frightening prospect for communities."
Commenting on how the measures will impact small firms, policy chair at the Federation of Small Businesses Tina McKenzie said:
"We welcome today's increase in the VAT threshold as well as the cut to self-employed National Insurance Contributions (NICs). Elsewhere, we were pleased to see a package of small business support in the Budget documents.
"That said, many of those running businesses face serious challenges - not least through rapid hikes in labour and input costs - and many will have understandably hoped that there would be more measures announced today that would help ease the tough decisions small employers are having to make day-in, day-out to keep their businesses going. "
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