Hull hopeful to benefit from new budget announcement

Published: Wednesday 18th March 2015 by KCFM

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The Hull and Humber Chamber of Commerce explain what they’d like to see announced in the Chancellor’s budget today.

The Chancellor George Osborne will give his final Budget before the general election in a speech to Parliament later today.

It’s expected there’ll be some tax cuts announced but also cuts to welfare spending.

Mr Osborne is also predicted to give the first details on the government’s Help To Grow scheme, that’ll increase lending to businesses.

There’s already been an announcement that the minimum wage is going up by 20p an hour to £6.70 and apprentices are getting a 20% payrise.

Dave Hooper from the Hull and Humber Chamber of Commerce, says whatever decisions the Chancellor makes, he’ll have to balance out the books:

“The problem is the Government hasn’t got any money and neither will the next Government have any money. Whatever they do is going to have to be cost neutral. So I don’t expect to see any massive changes. Although they going to try and help the lower paid and take people out of tax, so we might see an increase in the tax threshold.”

He says the Help to Grow scheme will make it easier for businesses in our area to get the cash they need to grow:

“That’s designed to generate at least £100 million of new lending. The bank’s say they’ve got money to lend, but I think a lot of people on the ground say it’s still quite difficult to access that money. So anything that the Government can do to ease that process, that will be a good thing to see.”

Mr Hooper says more support for apprenticeships would help business in our region:

“With apprenticeships we’d like to see the schemes extended and improved and better funded to cover more sectors. It’s a great way for students to go into work. In the Hull and Humber region, there’s a huge drive to train the next generation of engineers that going to work in the renewable energy sector.”

He says an increase in the minimum wage will help increase spending and be a particular boost to the economy around Hull:

“Those changes are going to benefit more than 1.4 million workers and obviously that’s going to affect a lot of people in the Hull and Humber region as well. So that’s got to be good news, putting a bit more money in peoples pockets.”

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Published: Wednesday 18th March 2015 by KCFM

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