Spring Budget 2017: Reaction

Philip Hammond has now delivered his Spring Budget 2017 to the House of Commons.

Here is a round-up of immediate reactions from some of the UK leading industry groups to the Spring Budget 2017 speech:

British Chambers of Commerce
Dr Adam Marshall, director general at British Chambers of Commerce has welcomed the support with business rates but has asked for more to be done on investment:

“While business people appreciate a steady hand on the tiller, the government is sending mixed signals by holding investment largely steady at precisely the time that it is exhorting British businesses to double down.”

Federation of Small Businesses
Commenting on the class 4 national insurance contribution (NICs) rise for the self-employed, Mike Cherry, national chairman at the Federation of Small Businesses, said:

“This undermines the government’s own mission for the UK to be the best place to start and grow a business, and it drives up the cost of doing business.”

Confederation of British Industry
On plans to support technical education and skills for young people, Carolyn Fairbairn, director general at Confederation of British Industry, said:

“There has never been a more important time for the UK to sit at the global top table of technical education for young people.”

Scottish Widows
On the NIC changes, Catherine Stewart, retirement expert at Scottish Widows, said:

“Synchronising the treatment of taxation and NICs could make it easier to develop our pension system so that it works for everyone in the labour force.”

Read our other news stories outlining measures affecting businesses and personal finances, as well as a round-up of the other highlights.

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