| What we think of the Budget! |
| Tuesday, 22 June 2010 |
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Comment on the Budget by Dr Peter Hughes, Chief Executive of Scottish Engineering. "The Chancellor stated categorically that ‘manufacturing as a whole will pay less tax'. If that is the case then the engineering manufacturing sector in Scotland will be delighted. "As it is, manufacturing companies will benefit from both the reduction in corporation tax and the raising of the threshold for paying National Insurance. If this, as is forecast, takes 650,000 employees out of paying tax then that will benefit our workforce.
"A bank levy of £2bn a year will help the economy but our concern is that banks will pass this on to business customers. This must not be allowed to happen."
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