Following Chancellor George Osborne's announcement of a 17% corporation tax cut and other benefits for smaller businesses, Simon Hughes, vice chair of Business Visits and Events Partnership (BVEP), said there was plenty for event planners to be celebrating in the short term.
"There seems to be a lot of focus on small to medium businesses, which is good news for the industry," he explained. "However, there doesn’t seem to be a particularly robust long-term plan in place. The economic ask on the deficit reduction is absolutely huge and in the current economic circumstances, I’m a little concerned about the future."
Randle Stonier, CEO and founder of AddingValue echoed these thoughts. "I suppose the tax cuts are a good thing for small businesses but I’m not 100% convinced they’ll see the light of day. There is a lot of concern and controversy surrounding the cuts to disability living allowance."
He added that while the cuts to corporation tax seem like a positive step on face value, it could have a negative impact on some of the most disadvantaged people in society. "Supporting small and developing businesses is very important, as it opens up new employment opportunities and economic growth, but it has to be done in the right way."
In terms of travel and transport, the reaction has been largely positive, with the Guild of Travel Management Companies praising the infrastructure announcments on Crossrail2 and HS3 rail.
Paul Wait, chief executive, GTMC said: "We welcome the Chancellor’s announcements on infrastructure around Crossrail 2 and in particular HS3 rail. Increasing rail capacity in the North will assist business travellers by reducing journey times and will improve connectivity."
However, he said the body was disappointed by the Government’s lack of action in the aviation sector. "There is still no decision on the biggest infrastructure decision of them all – namely the provision of additional airport capacity in the South East of England. If this Government is truly "for the builders" as the Chancellor claims, we need to see a commitment to new runway capacity at Heathrow by this summer at the latest. British businesses cannot afford further delay on this issue."
• For more breaking news, in-depth features and case studies, sign up to C&IT Magazine's daily Newstracker here