Southampton: Grant Thornton hosts Budget reflection for Solent businesses

Business leaders from across the Solent came together last week to reflect on the implications of the Budget.

Representatives from companies such as Southampton’s Blake Lapthorn, Bournemouth’s Meridien Majestic and Salisbury-based Defence Science & Technology Laboratory, gathered at Grant Thornton’s offices in Southampton to hear about how the chancellor’s new initiatives will change the way they do business.

An army of Grant Thornton experts on every element of finance, from VAT specialists and corporate finance advisers to wealth planners and personal tax experts, gave their take on how the Budget could affect their businesses as well as their personal finances.

Reflecting on the Budget, Norman Armstrong, partner at Grant Thornton, said: “There was good news for businesses looking to export, with direct lending from government to UK businesses to promote exports doubling to £3 billion and interest rates on that lending cut by a third.

“Businesses in the region looking to move to the Solent Enterprise Zone at Daedalus have also received a boost, with business rate discounts and enhanced capital allowances in these zones extended for three years. This could make setting up a base at the Solent Enterprise Zone an even more inviting proposition for the Solent’s marine, aerospace and aviation businesses.”

Pensions were also a key focus of the Budget event. Charles Cavendish, financial planning manager, said: "Freedom of action at the point of retirement and the increase in ISA flexibility and limits mean there are now some genuine alternatives to the pension-plus-annuity route, which has not offered best value – particularly for smaller pots – for a while.”