Autumn Finances 2021: Sheffield enterprise leaders give their verdict on Chancellor Rishi Sunak
Steve Foxley, executive director of Sheffield University’s Advanced Manufacturing Research Center, said the Chancellor recognized that science and innovation can help find answers to many of the challenges the region, country and planet are facing.
He added: “To achieve net zero carbon emissions, level our regions or respond to health emergencies, we need to invest in innovation.
“Increasing government public research and development spending to £ 20 billion by 2024/5, including participation in EU research programs, is an important step.
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Hayley Koseoglu, Sheffield Business Growth Advisor, welcomed the expansion of research and development tax breaks.
“The focus on supporting the development of innovative clean energy technologies and the decarbonisation of transport is particularly important.
“As we saw in Advanced Manufacturing Park and Olympic Legacy Park, innovation-driven growth can lead to major transformation in South Yorkshire. I have confidence in the policy package presented today. Tomorrow there will be a closer examination of the details and schedules. “
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Sheffield business consultant Hayley Koseoglu welcomed the expansion of research and development tax breaks to include cloud-to-cloud computing and data costs, but feared that not enough business owners knew how to access them.
Steve Foxley, chief executive of Sheffield University’s Advanced Manufacturing Research Center, said the Chancellor recognized that science and innovation can help find answers to many of the challenges our region, country and planet are facing.
And a 50 percent cut in retail, leisure and hospitality business tariffs next year should only benefit large companies because many small ones are already receiving tariff reductions.
She added, “I’ll be very happy to pay less tax to drink my rosé wine and prosecco, but I’ll need a few more drinks as I’ll be paying 25 percent corporate tax!”
NATIONAL INCREASE IN LIFE SECURITY
Hayley said she is in favor of increasing the national living wage by 6.6 percent to £ 9.50 an hour, but worries the increase could be passed on to customers.
Adrian Lunn, head of Eddison’s real estate consultancy in Sheffield, said the rate cuts announced in the budget could unlock “billions of pounds of investment in the economy.”
She added, “So is there any real benefit to such a wage increase if we are all likely to pay more at the checkout to make up for the increase?”
Meanwhile, an eight percent cut in the universal loan is “good news” for those who want to work more but have not been able to do so due to their current caps.
For their company, Crystal Clean Service, this meant “our cleaners can afford to work more hours and keep more of their increased salary,” and the company could offer them more work.
But too many entrepreneurs have had to take jobs to survive.
“I was disappointed to hear that there is still no support for the small businesses hit by the pandemic that are using dividends as a source of income, but whose businesses have barely survived the past 12 months.
“I see large numbers of business owners being forced to take part-time and full-time jobs in order to survive and pay their bills.
He also said the rate cuts announced in the budget were positive for businesses and could unlock “billions of pounds of investment in the economy.”
He added, “The current tariff system that taxes companies on the land they occupy has helped undermine the government’s own ambitions to create a high-wage, high-investment, and high-productivity economy.
“It acted as a brake on investing in green initiatives and national firms expanding their businesses outside of London by penalizing firms that made these forward-looking real estate investments at higher business rates.
“Although the full details have not yet been released, it is very positive to hear that the business tariff system will become more fair with revaluations every three years from 2023 onwards, with sustainable technologies like solar panels.
“The 50 percent annual reduction in business rates for the hospitality and leisure sectors also makes sense and will help strengthen an industry that has been devastated by the pandemic.”
Paul Ridgway, CEO and Co-Founder of The Curve Consulting, said, “We are excited about the commitment to invest in infrastructure improvements in the South Yorkshire region.”
“At The Curve, we have seen firsthand the positive effects of technology on increasing efficiency in several sectors – including working directly with The Rotherham NHS Foundation Trust.
“Any commitment to invest in increasing the effectiveness of the NHS and the leveling-up agenda in support of local communities is wholeheartedly welcomed. We hope this will facilitate effective and sustainable digital transformation across the UK. “
The renovation of the Castlegate Quarter and parts of Attercliffe was successful in the first round of the government’s flagship program.
The Star announced in July that Sheffield City Council had bid £ 20 million for Castlegate to revitalize the area by draining the River Garbe and introducing new green spaces and special public spaces to make the area more attractive.
Land in the area would also be prepared for future uses centered on education, employment and promoting healthy lifestyles.
Meanwhile, Attercliffe regeneration plans have received £ 17 million. The offer is expected to include proposals for a child health technology center in the Olympic Legacy Park.
A total of around £ 115 million was presented for projects in South Yorkshire and Derbyshire, including a new visitor center at Wentworth Woodhouse in Rotherham, a cultural district in Rotherham town center and a major bank extension in Doncaster.