George Osborne

George Osborne has pledged to produce a Budget geared for business in order to ensure the continued growth of the British economy.

The Chancellor reassured business critics on The Andrew Marr Show yesterday that Wednesday’s awaited package will provide the support and stimulus needed for long-term recovery.

George Osborne said:

“We have a balanced recovery. The message in the Budget is that our economic plan is working but the job is very far from done. That means addressing long-term issues. We don’t export enough, don’t build enough. We need to boost exports to new emerging markets and support investment.”

Mr Osborne has been warned by business leaders that he risks damaging the recovery unless the Budget focuses on providing long-term stimulus for large and small businesses.

John Cridland, CBI director general, said:

“We are at the early stages of a vital, but not inevitable, rebalancing of the economy.

“Whether we do this actually depends on whether we choose to do it. There’s nothing inevitable about it.”

The Institute of Directors has highlighted five issues raised by executives from 161 medium-sized businesses in a survey conducted by business advisers KPMG.

Reducing National Insurance contributions made the top of the list followed by increasing the threshold for the 40pc tax rate and raising relief for investment in premises, machinery and technology. Abolition of business rates for small businesses and training grants to get more young people working are also on the list.

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