Now all the commentators have had their say about yesterday’s Budget speech by George Osborne, we take a look at what this Budget will mean for jobs and recruitment locally. The key changes that will impact local employers and employees:
Increase in the personal tax allowance: rises to £8,105 this April and again in April 2013 £9,205.
For anyone earning over £150,000, they will have the top 50p tax rate cut to 45p from April 2013.
Cut in corporation tax for businesses - decreases to 24% this April and will drop to 22% in 2014.
Plans will be phased in for public sector pay deals to reflect regional differences.
On the negative side, the Chancellor did not alter his plans for the increases in fuel duty so this will continue to impact job hunters who will need to be mindful of the cost of getting to their new jobs. Being in the south west, we are aware of the impact this will have on a largely rural economy with a heavy reliance on cars.
But on the whole, whilst the Budget did not create any radical changes, we think it is generally positive for employers, although we also feel that it will take a while for individuals to notice any changes. Today’s news already contains stories of new factories and jobs being created in other parts of the country, so we can only hope this will have a knock on effect for suppliers based in this part of the world.
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