Huddersfield University economist says global events reflected in Budget measures

MANUFACTURERS in West Yorkshire should benefit from measures announced in the Budget, says a local academic.

But Kevin Rowles, senior lecturer in economics at Huddersfield University, said what the Chancellor could do to influence the UK economy was “small beer” given the impact of global events.

Mr Rowles said the Budget was “fiscally-neutral” because “anything he gives away with one hand, he is taking back with the other.”

Mr Rowles said the 1p reduction in fuel duty would benefit motorists at the pumps.

But that would be paid for by a levy on North Sea oil producers – which would mean smaller profits, lower dividends and lower returns for pension funds.

Steven Leigh, head of policy at the Lockwood-based Mid Yorkshire Chamber of Commerce, said the Budget had addressed many of the issues highlighted by his organisation in recent weeks.

He welcomed improved tax allowances for firms investing in research and development, the extension of tax relief for small firms and help for exporters and manufacturers.