B UDGET
KERINA CLARK , BUSINESS AND FINANCE DIRECTOR , XCEL CENTRE
DAVID OSBORNE , MANAGING DIRECTOR , ROMAN
It was fantastic to see a Budget which began the process of “ levelling out ” which has been so long talked about for the region and the local economy .
It ’ s marvellous that Darlington is getting the new Treasury campus – and a DiT presence now , too . I have no doubt this will act as a magnet for further investment around the town and the region . Furthermore , the freeport at Teesside is a great addition to the economic infrastructure . All of this bodes well and will have a very tangible effect over the coming years .
The furlough scheme extension , positive economic projections from the OBR , in combination with the freeze on personal taxation , will help keep cash in people ’ s pockets and provide a degree of confidence in the marketplace .
Closer to our business , in respect of the housing market , the extension of Stamp Duty relief and the introduction of 95 per cent Government-backed mortgages are of great benefit . A buoyant housing market translates into strong headwinds for the economy .
For tradespeople and independent retailers , who have had so much to deal with in the past year , the restart grant and the extension of business rate relief will assist those who have had to close their doors and now get back into business over the coming months .
In addition , the doubling of incentive payments for employers taking on apprentices is great news given the urgent need to engage and train the new generation .
I ' m delighted to see the focus on the North-East . The creation of a freeport in Teesside affirms the work already done to position the region at the forefront of economic growth and more importantly , recognises the potential of the area and its workforce to bring future growth .
It is this same potential that can be seen in Darlington and will provide the right environment for the transfer of resources from London with the relocation of Treasury departments .
The responsibility is now on us to continue to show what the region offers and the benefits for any company to consider this as the region of choice .
Economic conditions will continue to be challenging as the last year has stretched both public and private sectors in ways we could not have foreseen . However , in this stretch , I have also seen innovation , creativity , and tenacity come to the forefront . These will be the drivers to bring us through the coming months and years as we not only rebuild but take new ground to position and firmly establish the business landscape of our region for future generations .
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