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tinue, but we understand the difficulties other industries have faced, and this would have directly affected purchasers.”
Dr Nik Kotecha, chairman and founder of Loughborough medicines business Morningside Pharmaceuticals, gave a more cautious response.
He said: “The Chancellor had a tricky balancing act, but it’s clear this year’s Budget is all about supporting businesses and individuals in order to grow the economy.
“On the one hand the UK’s borrowing has hit a staggering £355 billion, which has to be paid back at some point, whereas on the other, the economy must be placed in the best position possible to bounce back quickly once the country fully reopens.
“There was also the first nod towards the UK’s post-Transition Period future, with the approval of eight freeports around the UK – one of which is East Midlands Airport, which I am over the moon about.
“This is a testament to the outstanding work of the Leicester and Leicestershire Enterprise Partnership and D2N2, which were instrumental in making it happen.
“In addition, it was great to hear the Chancellor champion the life sciences and the health sectors by announcing his intention to turn the UK into a “scientific superpower”, among a number of welcome plans to promote highgrowth companies in the UK.”
Sir John Peace, chairman of the Midlands Engine, said: “I am delighted the Chancellor’s Budget statement recognises the huge potential for economic growth represented by Humber Ports and East Midlands Airport by announcing they will become the locations for two of the eight new freeports in the UK. Taken together, both freeports within the Midlands Engine will be transformational catalysts for widespread changes and a key component of levelling up the Midlands.
“They will play a crucial role in driving up economic potential, rapidly accelerating existing initiatives, tackling skills and productivity gaps, increasing investment and delivering long-term growth in our region.”
Chris Bond, tax partner at BDO in the East Midlands, said it was about levelling up the recovery with targeted support, while balancing the books.
He said: “We’ve seen targeted support for sectors such as hospitality, retail and personal care.
“To create more job support for young people, the government doubled the apprentice incentive payments for businesses to £3,000 for all new hires, of any age, which is a real positive.
“This may provide companies with the opportunity to rethink their approach to future talent.
“Businesses in our region will also benefit from the East Midlands Airport freeport.”
John Kerr, managing director at Derby firm Develop Training – which offers safety, technical and management training – said: “The furlough scheme has really helped us to keep the business going.
“We are really happy that this has been extended and we will be making use of this.
“The signs are positive for us
BALANCING ACT: Chancellor Rishi Sunak sets out to deliver his Budget because of the four-step plan out of lockdown and we are already seeing an increase in bookings across all of our sites.
“The government support package has helped to keep us afloat and the future is bright.”
Dave Hillan, practice leader at Grant Thornton in the Midlands, said he felt the Budget offered “a spoon full of sugar today, with the medicine to follow tomorrow”.
He said: “Pushing the welltrailed rise in corporation tax to 2023 may make it a little easier to swallow but it’s still a large relative increase and a potential threat to investment in the long-term, particularly as the UK looks to become a hub for multinational businesses post-Brexit. “Mid-market business leaders in the Midlands have called for more incentives for growth, making the new super-deduction of 130 per cent on capital expenditure welcome news, particularly for our region’s manufacturing base.
“Elsewhere, the Chancellor is continuing to use fiscal firepower to help businesses get through the pandemic, with the new LevellingUp fund, Recovery Loans scheme, and the extension of furlough all welcome measures.
“For the future, the East Midlands Airport named as one of the eight Freeport locations and an incoming consultation on R&D tax credits signals further good news on the horizon to help businesses innovate and compete.”
■ That is their view: What is yours?
This year’s Budget is all about supporting businesses and individuals to grow the economy
Dr Nik Kotecha