Budget 2012: Chamber reaction

There was good news for Greater Manchester in today's Budget with more funding for the Northern Hub project. 

There was also £1.2 billion investment for the Greater Manchester economy and funding for faster broadband speeds.

Chris Fletcher, Policy Director at Greater Manchester Chamber of Commerce, said: "There were no surprises in the Budget as so many of the measures had already been leaked. There is some movement in the right direction, but in areas such as the 50p tax rate, the Chancellor has taken the half way line.

"The £1.2 billion investment in Greater Manchester sounds good, but we need to wait and see where that investment will go. On Corporation Tax and Enterprise Loans, he has made the right noises for growth and it seems people will have more money in their pockets, which will be good for the economy.

"The announcement around Northern Hub is on the face of it welcome, but it's not clear whether there is a major shortfall in funding, so the Northern Hub campaign continues and we have arranged for the Transport Secretary to come to Manchester.

"It was disappointing that there was nothing on business rates. However there is a real focus on media and faster broadband speeds, which is good for MediaCityUK and builds on our strengths.

"The extra 1% cut on corporation tax is welcome but the threat of a 3p fuel duty rise in Autumn hangs over all businesses.

"Overall there were more positives than negatives in the Budget and I'd give it six out of ten."