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The winners and losers in the 2014 Budget

By South Wales Evening Post  |  Posted: March 20, 2014

Winners and losers in new Budget
Comments (6)

THERE were winners and losers — just like any other Budget, and South Wales business leaders have been having their say.

"Keeping fuel duty level for a fourth year is very welcome relief for UK drivers but the freeze still leaves the squeeze on families and businesses that rely on four wheels to function and prosper," said the AA, which was after a short-term cut.

Campaign for Real Ale welcomed the second consecutive cut of a penny in beer duty.

"This is not only about keeping the price of a pint affordable in British pubs but helping an industry which has been in overall decline continue on its long road to recovery," said a spokesman.

Federation of Small Businesses Wales spokeswoman Janet Jones said: "The Budget offered a clear signal for businesses to grow through the increased investment allowance and a focus on manufacturing. The £7 billion package to cut manufacturing energy bills will help create jobs and strengthen this key sector."

Principality Building Society chief executive Graeme Yorston said: "The Budget shows that economic recovery is underway and increasing confidence in the economy and growth in job creation has resulted in the Office for Budget Responsibility making improved revisions to the growth forecast over the coming years."

Julian Hilton, of Jelf Insurance Brokers which has a Swansea base, said: "The increase in the personal tax allowance to £10,500 and the ISA limit to £15,000 will certainly benefit a lot of people, as will the changes to pensions."

Trevor Carr, director of John Francis estate agents, which has seven Swansea branches, said: "The housing market is in a healthy state at the moment, and the Chancellor's Budget will have done no harm in helping continue its progress. The extension of the Help to Buy scheme until 2020 is certainly welcome as we are already seeing its positive effect on our new homes sites."

Robert Lloyd Griffiths, of the Institute of Directors in Wales, said: "This is a responsible and imaginative Budget which should promote growth, exports and investment. It will be widely welcomed across the business community."

Martin Hudson, of Swansea-based accountants Morgan Hemp said: "This budget is certainly one for businesses that wish to invest in their infrastructure for future growth, and for the older age group, with a number of measures directly impacting pensions and the ability to save and invest."

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6 comments

  • PJL1967  |  March 24 2014, 5:20PM

    It seems most people missed this slight of hand: - Osborne accused of handing big banks 'secret tax cut' http://tinyurl.com/ljxq65f

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  • pennygwin  |  March 21 2014, 1:33PM

    Just another thought neathboy234, do you want the tax payers of this country including England to pay for the coal imported by TaTa for their production processes. Is this the level of your thought on the subject. The money could be better spent on the health service and schools, stop being antagonistic and come up with something that will benefit the people of Wales. Are you reading some other writing somewhere else because I did not say or predict TaTa will leave the UK

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  • pennygwin  |  March 21 2014, 8:59AM

    Neathboy234 as usual you are talking through the bit you sit on. Energy is produced from waste gas from other processes in the plant. They do not buy coal or oil specifically to generate energy. The gas is a by product of their production processes blast furnace gas and coke oven gas and as such is almost free because there are no real raw material costs coke is needed for the blast furnace to react with the iron ore to release the iron ,do you want any other lessons in steel making I am quite willing to educate you

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  • Neathboy234  |  March 20 2014, 10:47PM

    pennygwin by saying Ta Ta you are obviously implying that Tata are going to leave the UK, something which is not the case taking into account the several hundred million that has been spent on the heavy end at PT since they took over. Moving on to your question as to why tata needs assistance of the government to help with the high energy costs in the UK as compared to mainland Europe(15% less in Germany) , well lets put it this way if this money wasn't forthcoming them you prediction might come true thus leaving considerably less money for pensioners in the lost revenue in taxes. BTW pensioners have done very well since the downturn in 2008, can you name me any others who's earnings have kept place with inflation apart from MP's and the armed forces that is

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  • pennygwin  |  March 20 2014, 10:15PM

    Why does TaTa need help it generates its power from waste gasses from blast furnace and coke ovens and now heat recovery from the BOS plant. The only losers from this budget are pensioners which seems to be a trend with this and other govenments

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  • Neathboy234  |  March 20 2014, 12:00PM

    There are quite a few winners with this budget including our main local private employer Tata steel, however the help that the big energy users will receive will not come into force for quite a while. Something which is not helpful.

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