ICAEW delivers mixed response on Budget
13 March 2008 19:17
Alistair Darling's first Budget as chancellor of the exchequer has been met with a lukewarm response from the Institute of Chartered Accountants for England and Wales (ICAEW).
While many in accountancy jobs welcomed measures such as the £50 per year increase in child tax credit, many felt the proposals did not go nearly far enough.
Chief executive of the ICAEW commented: "Given the economic climate, the chancellor was always going to struggle to deliver a budget which did nothing more than try and maintain stability."
He added that the new measures would not rectify the UK's faltering economy or restore foreign investor confidence in UK businesses.
Of chief concern to those in finance jobs was the decision to postpone rather than scrap income shifting plans, which one member commented paid only 'lip service' to small businesses.
Additional criticism by ICAEW members included the 'disguising' of increased car costs as green tax and HM Revenues and Customs being in charge of Child Tax Credits.
The IACEW was established in 1880 and with over 128,000 members is Europe's biggest professional accountancy representative.
While many in accountancy jobs welcomed measures such as the £50 per year increase in child tax credit, many felt the proposals did not go nearly far enough.
Chief executive of the ICAEW commented: "Given the economic climate, the chancellor was always going to struggle to deliver a budget which did nothing more than try and maintain stability."
He added that the new measures would not rectify the UK's faltering economy or restore foreign investor confidence in UK businesses.
Of chief concern to those in finance jobs was the decision to postpone rather than scrap income shifting plans, which one member commented paid only 'lip service' to small businesses.
Additional criticism by ICAEW members included the 'disguising' of increased car costs as green tax and HM Revenues and Customs being in charge of Child Tax Credits.
The IACEW was established in 1880 and with over 128,000 members is Europe's biggest professional accountancy representative.
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