Wednesday 21 March 2012
Commenting on the announcements made by Chancellor George Osborne in today’s Budget, Stephen Cooper, partner at KPMG, says:
“One of the biggest challenges for manufacturers recently has been the availability of funds to sustain and drive their business, so the announcement of a £20 billion loan guarantee scheme is welcome news. It’s certainly a positive initiative, but how smaller companies will access the funds is the critical issue. Time will tell whether or not this scheme is a success, or whether it merely cuts the rate of interest for those with the capability to borrow.
“The Chancellor’s decision to reduce corporation tax is also a great step towards showing the world that Britain is open for business. Compared to the US, France, Germany and Japan, the staggered reduction means that we are a better place to do business and this will only serve to encourage foreign manufacturers to base themselves on our shores. Whether it makes a difference to smaller and struggling SMEs is, of course, open to question.”
Ends
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For further information please contact:
Mike Petrook, KPMG Press Office
020 7311 5271 (t), 07917 384 576 (m) or mike.petrook@kpmg.co.uk
About KPMG:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
