Expert Blog

Budget 2015: Initial response

The Chancellor of the Exchequer, George Osborne presented the 2015 Budget statement to Parliament today. The Budget provides the government’s plans for the economy, should they continue to stay in Government after May's General Election.

You can read my initial Budget response and what it means for you and your business; from saving ‘£10-a-tank with the Tories' to the latest investment with driverless technology.

“George Osborne’s final Budget before the General Election was preceded by a review of his performance to date, starting with his first emergency budget in 2010. If one thing was clear going into today’s Budget, the chancellors sixth in office, it was going to be one with ‘no giveaways or gimmicks.’ Clearly, Mr Osborne needed to prove ahead of the Election that the Conservatives are the right party for the job, and Britain’s economy is in safe hands.

Hitachi Capital was pleased to hear that, although there were no bids to buy votes, there were sensible measures put in place for individuals, SMEs and businesses alike. Cancelling the planned fuel duty increase in September will be welcomed by millions of drivers on Britain’s roads, with the chancellor claiming they could save ‘£10-a-tank with the Tories’. Cuts to tolls on the Severn Bridge crossing will also be good news for thousands that use it every day.

Staying true to his ‘long term economic plan’, Hitachi Capital was also pleased to hear of Mr Osborne’s investment in driverless technology, transport investments for the North and South West of the country and further support for a northern powerhouse. Combined with investment in infrastructure for cities of the future and the Internet of Things, this will contribute to Britain’s growing economy, noted by Mr. Osborne as the strongest in the G7.

The increases to tax thresholds and to the minimum wage outlined are also welcomed by Hitachi Capital, and should again help build for future growth and look to bring austerity to an end.

In line with this, Hitachi Capital was interested to hear of revisions to company car taxation with the changes to personal tax allowances. Hitachi Capital will be keen to understand the full impact of this as manufacturers and the government strive to reduce emissions and improve air quality with new technology.

The chancellor promised no giveaways, and although he hasn’t given much away with one hand, he hasn’t taken much either –for now at least. Hitachi Capital welcomed the sensible changes and simplification to many taxation systems, such as to abolish the Annual Tax Return, but would like to see further removal of red tape for companies and corporations, such as aligning company car tax and personal taxation systems.”

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