Partner Article

Osborne must consider North East in his plans

AS THE nation braces itself for painful cuts in next week’s emergency Budget, North East business leaders have warned that the government must show confidence in the region if it is ever to recover.

Amid fears North East businesses will suffer as the government looks to reduce the deficit, George Osborne will deliver his emergency Budget next Tuesday, exactly six weeks after the new coalition Government took office.

Paul Williamson, senior partner at business advisory firm Deloitte in Newcastle, yesterday said businesses are desperate for an environment in which they can invest in new opportunities and hopes a progressive Budget will reflect the needs of the North East economy.

He said: “If the region is going to grow, the Budget needs to be sensitive around areas of employer’s National Insurance and capital allowance tax relief.

“It must ensure the stronger businesses can continue to invest and increase employment in the region.”

Meanwhile, The Royal Institute of Chartered Surveyors (RICS) has submitted a proposal to the Government, urging it to help economies, like the North East’s, to grow by using the property and construction sectors.

According to the organisation - which represents some 20,000 chartered surveyors in the North of England - investment in construction is one of the most efficient ways to create jobs and wealth in the region.

County Durham-based David Coulson, chairman of the RICS North East regional board, said: “Investing in construction has both short and long term economic benefits.

“Keeping our property and construction professionals in work will benefit our economy in the short-term and their work output will benefit our region in the long run as it will improve our towns and cities and encourage more visitors and business to the area.

“The Government should be looking to spend on property and construction sensibly with a North East approach to investment.”

READ more pre-Budget comments on bdaily.info throughout the day.

This was posted in Bdaily's Members' News section by Ruth Mitchell .