TODAY’S Budget is good news for York’s science and technology, Leeds, York and North Yorkshire Chamber has said.

Len Cruddas, interim-chief executive at Leeds, York & North Yorkshire Chamber of Commerce, said it was an ambitious budget in terms of the setting the UK’s mid to long-term industrial policy.

He said: “With growing competition from countries such as India, China and Brazil, it is important that the UK continues to invest in the knowledge-based industries in which it excels. In particular, the Chamber supports the Chancellor’s plans to cut taxes for the science industry, as well as provide additional investment in university research and establish the UK as the capital of Europe’s technology sector. This will benefit York, which has particular strengths in the technology, science and medical sectors, as well as world-class universities.”

He said the overhaul of the UK’s complex planning system would be welcomed by businesses and developers and would help drive the economy forward. “Similarly, the additional investment in building new homes and the support for first time buyers will be a welcome boost for the region’s construction and property sectors,” he said.

But he said they were disappointed that the planned rise in business rates was not scrapped.

“It is disappointing that this was not delivered, particularly when many businesses are struggling with cash flow. The accelerated cut in corporation tax is welcomed; however, it will only benefit profit-making businesses compared to the universal benefits of scrapping the business rate rise.

“In order to rebalance the economy, it is vital that we can get more businesses selling into international markets. We welcome expanding the UK Export Finance Guarantee Scheme, but there must be better promotion of this to both businesses and banks to improve take up.”