The Chancellor’s Emergency Budget Statement contained a raft of measures to support local businesses, including a cut in corporation tax to 18% by 2020, a reduction in national insurance contributions for small firms and an increase in the Annual Investment Allowance for 2016 (from £25,000 to £200,000).
Brad Groves, Chief Executive and Chairman of Seaham-based GAS, said: “These measures will help businesses in what is still a challenging trading environment. The corporation tax cut in particular was a welcome rabbit out of the hat for businesses of all sizes, while the u-turn on the Annual Investment Allowance, which was due to fall to £25,000 from next January, will give entrepreneurs more incentive to invest. That in turn can only benefit industry and the economy.
“Overall, given the precarious state of Britain’s finances, this Budget was about as good for business as could have been expected.”