Peterborough business leaders look to recovery after Budget
Business leaders in Peterborough have given a thumbs up to Chancellor Rishi Sunak’s Budget as he seeks to lay the foundations for the post-Covid recovery.
The three phase Budget outlined a range of measures to protect jobs and businesses during the pandemic and drive their revival.
Jason Lunn, venue director for the East of England Arena and Events Centre, said: “This is certainly a step in the right direction, and the help being offered to freelancers and the self-employed will be welcome news for many of our clients and suppliers.
“I welcome the extension of the furlough scheme, which allows events and hospitality to bring staff back as the business builds back.”
Mark Shortland, managing director of Shoplight, in Titan Drive, which provides lighting for retailers, said: “The Budget strikes a sensible balance between supporting people and businesses and starting to claw back the £407 billion of spending necessary to support the country.”
He welcomed Restart grants for non-essential retailers and hospitality businesses and Corporation Tax rises.
But he added: “The omission of an online sales tax is a real missed opportunity to balance the economy.”
Paul Holt, managing director of 3D printing specialists Photocentric, in Oxney Road, said: “The introduction of the 130 per cent capital allowance super-deduction for investment in plant and machinery will encourage UK businesses to modernise their operations.
“Photocentric has a significant investment plan and this will be a significant benefit.”
Mr Holt added: “We no longer use the furlough scheme and will be negatively affected by the increase in Corporation Tax, but accept that this inevitable to start to long process of balancing the books.”
Daniel Wilson, managing director of Wilson & CoHomes, in Hampton, said: “The Stamp Duty holiday extension should ease the lack of housing supply in Peterborough.”
John Bridge, chief executive of Cambridgeshire Chamber of Commerce, said: “This provides reassurance to businesses, provided they can restart according to the Government’s road map.”