News Article

BBA says it was a 'Budget for business'

Published 22 March 2012 by

The British Bankers' Association (BBA), the leading trade association for UK banks and financial institutions, has backed yesterdays Budget as a 'Budget for business'.

In a statement released yesterday, Angela Knight, the BBA chief executive said the Budget would restore confidence in international trading partners to invest in the UK and that it would make it more attractive for businesses to do business here.

On the subject of lending to businesses she commented: "A number of UK banks are participating in the scheme to help their customers by offering them cheaper loans - this is about encouraging growth and new lending. Banks know it is their job to help viable firms be successful and also recognise the part they have to play in supporting the UK economy."

The Confederation of British Industry (CBI), which represents 240,000 UK businesses and around one third of the UK private sector workforce, was also positive about the Budget, saying it put money back in the pocket of ordinary people, although it did criticise the Carbon Reduction Commitment as "unworkable".

The Low Incomes Tax Reform Group cheered the news that the personal income allowance before tax would increase to £9,025 for everyone, and said it should make things simpler for people who pay tax and receive benefits at the same time. However, it did warn that those on means-tested benefits may only see 15% of the theoretical increase in their allowance.

Age UK, raised concerns of pensioners following the Budget, as it was announced that the State Pension would be linked to life expectancy in the UK, but life expectancy changes depending on your socio-economic background.

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