Browns budget has received a lukewarm reception from business leaders at the
Coventry and Warwickshire Chamber, who say transport and manufacturing have been let down.
But there were some positive notes for small and medium businesses in the area with
reductions in Capital Gains Tax and the announcement of a £250 million investment to
support the Midlands region.
Chamber president Isabella Moore said she had deep reservations about the amount of
money being spent on transport.
"The £280 million set aside to help improve transport links in this country will
not go far down the road of recovery to put the UK in line with its European counterparts.
"Here at The Chamber we are also disappointed the Chancellor has failed to address
the problems faced by manufacturers in the Midlands.
"Coupled with a strong pound and the imminent closure of the Rover plant in
Longbridge, it is vital that help is made available for those who are suffering."
She added that The Chamber was also concerned about Gordon Browns failure to
mention the current Rover situation in his statement.
But there were some positive points from his speech, including the decision to cut
Capital Gains Tax from 40 per cent to 10 per cent by 2004.
And the 100 per cent tax allowances for small business investing in e-commerce were
Chamber area director Nick Madeley said the £250 million investment into the West and
East Midlands would benefit businesses in the area.