The Work Foundation Budget response

Commenting on the Chancellor of the Exchequerís 11th budget today, Ian Brinkley, chief economist at The Work Foundation, said:

ëThis is a substantial budget, full of surprises, that seeks to balance solid economic measures with political calculations. But the small print will need to be closely studied to determine its ultimate effects.

ëThe chancellorís continuing support for RandD, science, the additional investment in education, and the training grants for new employees of small businesses are all very welcome acknowledgements that investment in skills and knowledge are absolutely critical to the ability of UK firms to compete in the future. The generation and exploitation of knowledge is perhaps the greatest economic challenge of this generation.

ëBusiness will welcome the cut to corporation tax, but his measures on small business suggest he is keen to reward those that invest in capital and people with more generous allowances.

ëThe support for pensioners and determination to help working families seem calibrated to address pockets of need while not putting off the famed ëmiddle class working family.í