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LEP reaction to Spring Budget
Sandra Rothwell, Chief Executive of the Cornwall and Isles of Scilly Local Enterprise Partnership, said: “Like most Budgets this is a curate’s egg for business because while the help with business rates will be welcomed and has been a big issue for many of our hospitality businesses in particular, the rise in National Insurance contributions for people who set themselves up in business could be seen as a tax on entrepreneurship and will hit Cornwall and the Isles of Scilly harder because over 20% of our workforce is self-employed. SME owner-managers will also be hit by reform to dividend allowances.
“The investment in research and technical education, including new T-Levels and more training and work placements for young people, is very welcome especially given our focus on growing our digital and advanced engineering sectors. And there is investment in pilot projects for lifelong learning, which is important in upskilling our current workforce. Funding for research into new technologies like biotech, energy storage and 5G all present opportunities for some of our key sectors and we look forward to seeing more details. Adult social care remains a huge issue in Cornwall because of our ageing population and while the extra £2 billion will be welcome it is spread over three years and is less than many had called for.”