Insider Media Limited

Not a giveaway, but better than expected - that’s the view of PwC in the Midlands reacting to George Osborne’s 2011 Budget proposals. Businesses in the East Midlands have voiced their opinions on the measures revealed in this year’s Budget, which include the introduction of an enterprise zone in Nottingham or Derbyshire. The Derbyshire and Nottinghamshire Chamber of Commerce also recognised that measures such as cutting red tape, boosting funding for apprenticeships and investing in technical colleges would help the region.

Accountancy giant PwC said although the region was “some way short” of a tax giveaway, businesses in the Midlands will be “pleasantly surprised” by the number of measures announced.

Chris Romans, partner at PwC in the Midlands, said: "Access to finance is an ongoing concern for business of all sizes across the region. The changes to the Enterprise Investment Scheme and the doubling of entrepreneurs relief to £10m, coupled with easier access to finance are a significant step that should encourage start-ups and promote growth.”

The chamber of commerce echoed the positive sentiments, but cautioned that a business-friendly budget could go further.

Its chief executive George Cowcher said: “Now that government has made these commitments to create a private sector-led economy which has private sector growth at its very heart, we need to see real action to ensure these measures are delivered and have the desired impact.

“With the £350m reduction in legislative burdens, government must make it clear which existing regulations will be withdrawn. The Chancellor should have gone further by extending the moratorium on new domestic legislation to all businesses, rather than limiting it to SMEs and start-ups.

“He also missed a big opportunity by not extending the NICs holiday nationwide to existing businesses, which really would have provided a great incentive for small firms to take on more staff.”

The Chancellor’s announcement surrounding the relaxation of planning laws shows that there is “light at the end of the tunnel” for the property industry.

That’s according to Craig Straw of Nottingham property agent Innes England. He said: “The decision to extend the holiday of small business rate relief by one year is definitely a decision which will be welcomed by landlords and occupiers alike.

“Also, the government’s decision to back a shared equity scheme to help first-time buyers will hopefully stimulate the residential market and kick-start what has been a stagnant process. The planned simplification of the planning system to focus on growth and jobs will be welcomed by developers across the region and will be positive for the market in general."