AB17: Budget to get cylinders firing in the South West | KPMG | UK

Autumn Budget 2017: Budget to get cylinders firing in the South West

AB17: Budget to get cylinders firing in the South West

Andrew Hodgson comments that "The Budget delivered a nod to the urgent need for improvements in regional infrastructure".

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Andrew Hodgson, senior partner for KPMG in Bristol, comments on the Autumn Budget:

“The Budget delivered a nod to the urgent need for improvements in regional infrastructure today. Business leaders in Bristol and the South West will welcome Mr Hammond’s promise of a £1.7bn Transforming Cities Fund to get the economy firing in the regions by boosting infrastructure. With clear evidence that our infrastructure is stifling productivity and growth in the South West, the power to transform the region now lies in the hands of the Metro Mayor.

“This welcome news is further boosted by the investment in Welsh rail to improve journey times between Swansea and Cardiff; South Wales, Bristol and London.

“Focussing on tax, the Chancellor avoided introducing any further complexity into the tax system, and it is encouraging to see him use tax policy as a lever for growth and investment as we approach Brexit.

“There were measures to improve competitiveness and innovation and a commitment to continue with a competitive corporate tax environment – things business crave – but the sharp reduction in economic growth forecasts threatens to overshadow.

“The Chancellor’s announcement that he is doubling the Enterprise Investment Scheme allowance is a positive step in helping early-stage businesses attract investment and raise finance. Not only will this help to boost investment in startups, but it potentially plugs a funding gap if the European Investment Fund is no longer available when the UK leaves the EU.”

                                                      -ENDS-

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

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