Grant Thornton On The Budget

Dan Dickinson, Partner and Practice Leader at Grant Thornton UK LLP in Yorkshire and the North East, said:
“In Yorkshire and the North East, we have a lot of investment potential which aligns with the Chancellor’s “invest, invest, invest” mantra. Leeds is now an important and thriving ecosystem for the industries of the future with the growth of start-ups in media, AI, data analytics and fintech all holding enormous potential. South Yorkshire’s expertise and potential in advanced manufacturing is well-known. Yorkshire is also a strategic location as a logistical hub that fulfils an important role within UK Plc. Today’s announcement of the delivery of the Trans-Pennine upgrade to connect York, Leeds, Huddersfield and Manchester will help further support our infrastructure needs.

"News of funding for high-tech industries such as aerospace and engineering alongside fast and reliable broadband for rural areas will also be welcomed by many. However, higher rates of National Insurance for employers and Capital Gains Tax alongside an increased minimum wage are going to be harder for some to navigate. While there was relief for SMEs in the budget, business leaders are going to need to be careful about balancing these changes alongside a changing tax environment moving forward.

“Stimulus can come in many forms but getting Britain building again is one of the fundamentals. The new government has prioritised housing and, in turn, planning reform. Transforming unproductive grey and brownfield and revamping town centres that have been affected by changing retail habits can certainly unlock potential, and we can only hope that the government’s focus in these areas achieves this for Yorkshire and the North East.”