BUSINESS leaders in Oxfordshire gave a broad thumbs-up to Gordon Brown's tax-cutting, science boosting Budget.

Tax reductions, public subsidies and spending increases got the thumbs-up, especially a pledge to boost small hi-tech firms.

Paul Bradstock, chief executive of The Oxford Trust, which helps incubate small leading edge firms, said: "The general impression I get is very positive. From the point of view of encouraging risk-taking and enterprise it looks good.

"If we want to grow it is the risk takers we need to encourage and this looks very positive."

Ray Thomas, tax partner at business advisers Grant Thornton in Oxford, said: "A lot of people starting new businesses in this area are investing their own money in hi-tech, information technology and biotech.

"These are the people who need incentives. Quite separately, the Revenue is looking at tax breaks for research and development and these funds could well contribute to provide even more incentives to entre- preneurs."

Steve Clarke, partner at accountants James and Cowper of Wantage, said: "There were several surprises and more than the expected quota of giveaways - it's hard to believe this is not a pre-election Budget.

"However we shouldn't be seduced into believing that tax cuts, particularly those announced for businesses, will have a big impact.

"Similarly, employers and employees will be hit by the extra National Insurance contributions they will be paying on benefits or perks such as private medical insurance and cheap loans."

Linda Morris, chairman of the Thames Valley region of the Federation of Small Businesses, said the FSB believed the Budget missed the mark for most small firms.

She said the setting up of a Small Business Service was welcome but it needed more teeth to give it influence and help boost enterprise.

Story date: Wednesday 10 March

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