WHAT THE NORTH NEEDS FROM THE BUDGET - THURSO
April 8, 2003 12:00 AM
Speaking at Westminster today, in advance of Wednesday's Budget, local MP John Thurso said:
"Industry, particularly manufacturing is suffering. Recent figures show that investment in Britain is lower than all our OECD competitors. There are many excellent firms in the North and I will be looking to the Chancellor to say something positive about the Exchange Rate and to recognise the urgent need for measures to lower the burden of red tape, particularly of administering the tax system.
The Chancellor also needs to take an urgent lead on the problem of spiralling insurance costs. The North has many small businesses which have been hardest hit by massive hikes in employer's liability insurance.
It is now clear that the extra tax imposed by Treasury took the off-shore industry by surprise and has seriously damaged confidence, particularly in respect of new exploration. The Chancellor needs to create a fiscal regime which is conducive to maintaining exploration and which rewards the small risk takers on whom the future of the Continental Shelf now depends.
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