THE 2011 Budget has laid a “good foundation” for businesses to grow, the chief executive of the Hertfordshire Chamber of Commerce has said.
Tim Hutchings congratulated Chancellor George Osborne’s “excellent” budget announcement, which featured a series of measures designed to encourage entrepreneurship and stimulate small businesses.
Mr Osborne announced a 10 per cent rise in income tax relief for Enterprise Investment Schemes (EIS), and the creation of 21 “enterprise zones” - 11 more than expected.
Corporation Tax will also be cut by two per cent, while the small business rate relief holiday will be extended until October 2012.
Speaking after the announcement, Mr Hutchings told the Welwyn Hatfield Times: “I think from a business perspective it’s an excellent budget.
“We need to acknowledge that it’s only a foundation, but if you look at it from our point of view there’s a lot of encouragement from small businesses. I think he [Osborne] has laid a foundation and will encourage businesses to grow.”
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