THE Federation of Indian Chamber Commerce and Industry UK Council has welcomed the measures announced by Chancellor of Exchequer Rishi Sunak in his maiden budget.
In a statement, it said: “FICCI perceives the budget as a balanced and pragmatic one against the backdrop of the global outbreak of Covid-19.”
Commenting on the budget, Baroness Prashar, Chairman, FICCI – UK Council, said: “Increased investment in R&D to £22 billion a year and the announcement of £130m of new funding to extend startup loans will give a major boost to innovation and entrepreneurship.”
“However, the increase in the health surcharge to £620 will add to the already expensive visa fees for overseas skilled workers. This will be an additional burden on Indian businesses operating in the UK.”
The chancellor has suspended business rates in the coming financial year for any business with a rateable value of £51,000 or less. Businesses that are eligible for small business rate relief or rural rate relief will also be provided a £3,000 grant.
Loknath Mishra, chairman, Financial Services Committee, FICCI – UK Council, commenting on the Bank of England’s decision to cut interest rates said: “This is a timely and proportionate response to the current crisis posed by coronavirus. This announcement will support businesses in these turbulent times to manage their credit flows and better manage their cash flows.”
