Accompanied by Jon Bright, GOSW's Regional Director and Ian Knight, the Regional Development Agencies Area Director for the West of England, Liam Byrne MP was also briefed on some of the regeneration projects that are taking place along Bristol’s Floating Harbour while on board one of Bristol’s famous yellow ferries.
At GOSW's offices, in what was a lively and engaging discussion with the local business community at GOSW, Liam Byrne explained how the package of measures announced by the Chancellor can support small businesses and help them to access the capital and manage the cash flow they require, which may be of particular benefit to the 417,910 SMEs in the South West.
The Government also announced a package of housing measures to support the objectives of promoting the long-term stability of the housing market and supporting homeowners facing difficulties. Bringing forward of investment in new social housing stock will help the 4,520 households deemed in priority need of housing in the South West.
As part of a fiscal stimulus package,there will be a temporary reduction in the standard rate of VAT to 15% from 1 December 2008 until 31 December 2009 to provide further support for growth and incomes during the economic downturn. This is the equivalent, for the average household, of £275 a year for extra spending. The Government is also bringing forward £3 billion of capital spending from 2010-11 to 2008-09 and 2009-10. Bringing forward valuable public investment will impact directly on economic activity in the UK, in particular supporting the construction sector, which is expected to be disproportionately affected by the economic downturn.
The Chancellor has also announced a substantial package of measures to ensure that those facing redundancy and those seeking employment are helped back into work as quickly and efficiently as possible. This will help with the 31,471 job vacancies that were notified to Jobcentre Plus in the South West in October 2008.
Ben Bradshaw, Regional Minister for the South West said:
“The 2008 Pre-Budget Report signals the Government's firm support for every business and individual across the South West. It provides additional protection for households at risk of repossession, support for the vital SME sector in our region and introduces significant tax changes for low income households in our community”.
Further Information
More information about the PBR and its impact on the South West, can be found on the Treasury microsite by following the link below.
