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Budget good for blue collar sector

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“The increased personal tax allowance announced in yesterday’s Budget is a step in the right direction, particularly for traditional blue-collar sectors such as manufacturing and construction, where the majority of workers are in the lower income tax bracket.”

Mark Mitchell, chief executive, Meridian Business Support comments:”This will mean real money in their pockets at a time when many are still experiencing the ramifications of the recession. I was also encouraged to see the rise in the amount people can invest in tax-free savings, and welcome any measures to promote forward-thinking financial planning.

Doubling the annual investment allowance to £500,000 will no doubt benefit the country’s largest businesses, but for the SMEs working within the UK’s recruitment sector this will have little impact. Instead, we should hope this move aids profitability among those firms large and profitable enough to warrant such expenditure, as growth among these businesses could result in increased employment levels and a boost to the British economy as a whole.

The announcement that the Government will cut energy costs for UK manufacturing firms is promising for those who can directly benefit from the savings, again aiding profitability among some of the UK’s biggest businesses. But we must be cautious about where these savings will come from; it simply cannot result in a rise in household energy bills to bridge the deficit.”

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