Stephen Slater, managing partner at Gosforth-based RMT Accountants & Business Advisors, which is part of the Sumer Group, says: “The Prime Minister has been clear in his desire to get out of the blocks as quickly as possible in delivering the change that he’s promised and the breadth of initiatives announced in the Chancellor’s Budget speech show how this is going to happen in practice.
“With the retail, hospitality and leisure sectors being so important to the overall success of the North East economy, there will be appreciation of the 50 per cent increase in rate relief, though this clearly won’t address the challenges they’re facing in full.
“Many of the cost of living support measures that were announced in the Budget will hopefully give consumers a little bit more disposable income, which these businesses and the region’s retailers will be hoping to see making their way into their tills, especially in the run up to Christmas.
“Qualifying businesses will welcome the support that has been announced around spiralling energy costs, while transport firms and other North East businesses with large vehicle fleets will gain a degree of much-needed relief from the extension of the freeze on fuel duty.
“The North East has never been short of entrepreneurial spirit, with the measures announced to underpin several different stages of the entrepreneurial journey likely to make a tangible impact in the region.
“The new Young Entrepreneurs’ Allowance and the targeted scale-up programme for female founders will grab a lot of attention here, as will the second phase of the Enterprise Management Incentive and the new Founder’s Allowance will be of great interest to those who are further along in their business careers or looking to exit for the companies they’ve built.
“On a similar theme, the reduction of Business Asset Disposal Relief will impact on the plans of business owners who were looking to sell in the near future.
“The additional funding being directed to the British Business Bank will also provide the region’s business owners with more capacity to access the investment capital they require to put their growth plans into action in what is already an active business finance market across the region.
“Spending promises are being very clearly linked to tax receipts, with the investment in HMRC’s compliance and tax collection capacity clearly designed to maximise the tax revenues that can be directed into the Treasury’s coffers and highlighting the importance of businesses and individuals ensuring their tax affairs are in proper order.”