Pension Firms 'Lose Billions' After Speech

Mixed Reaction To Budget Measures

Updated: 3:22pm UK, Wednesday 19 March 2014

Reaction to the Budget has been split, with industry praising measures to cut energy costs and unions criticising an "obsession" with austerity.

Paul Kenny, general secretary of the GMB, said: "This Budget reeks of the stuck-up complacency of the well-heeled elite.

"The Budget is doing very little to get the 912,000 unemployed aged 16-24 into proper jobs. As some 246,000 have been out of work for over a year, there is a grave danger of seeing a lost generation."

Public and Commercial Services union general secretary Mark Serwotka said: "This Government's obsession with austerity is causing misery for millions of people while the over-hyped economic recovery benefits only a wealthy few."

Dave Prentis, leader of Unison, said: "The Chancellor has run out of time and ideas. His claims that people are feeling the benefits of his austerity agenda are wearing thin."

Len McCluskey, Unite general secretary, said: "This was a blue rinse budget for the stockbroker belt who will celebrate their tax reductions and help with their savings."

TUC general secretary Frances O'Grady said: "There was nothing for the young who continue to face the worst job market in decades and unaffordable housing."

Matthew Reed, chief executive of The Children's Society, said: "Raising the personal allowance and lifting three million people out of taxation may appear a positive move.

"For hundreds of thousands of working families that depend on housing benefit to top up their meagre earnings, this will gain them very little."

Friends of the Earth campaigner David Powell said: "Merely weeks after promising action on flooding and global warming, the best the Chancellor can manage is a U-turn on his own reckless flood defence cuts, and caving in to big business lobbying on pollution tax."

British Chambers of Commerce director general John Longworth said: "Business wanted a Budget that was disciplined, focused, and geared toward the creation of wealth and jobs - and that's what the Chancellor has delivered.

"By making a better business environment his top priority, the Chancellor has recognised that successful and confident companies are the key to transforming Britain's growing economic recovery into one that is felt in homes and on high streets."

Terry Scuoler, chief executive of manufacturers' organisation EEF, said: "The Chancellor said this would be a Budget for manufacturers and he has delivered on his word.

"The Government clearly recognises the need to make the competitiveness of the UK a priority. We now have some of the building blocks in place which will help re-balance the economy."

John Allan, chairman of the Federation of Small Businesses, said: "The Chancellor delivered a Budget to maintain positive momentum in the economy, while incorporating fiscal prudence."

Simon Walker, director general of the Institute of Directors, said: "This is a responsible and imaginative Budget which should promote growth, exports and investment. It will be widely welcomed across the business community."

CBI director general John Cridland said: "This was a make or break Budget coming at a critical time in the recovery and the Chancellor has focussed his firepower on areas that have the potential to lock in growth."

Local Government Association chairman Sir Merrick Cockell said: "Much more can be done to build new homes, create jobs and stimulate the economy if local government's hands were untied by the Chancellor to drive this through at a local level."

Dot Gibson, National Pensioners Convention general secretary, said: "Pensioners will be concerned that benefits such as the winter fuel allowance, cold weather payments and the Christmas bonus have all been placed into the welfare cap, which could lead to cuts in the future, at a time when fuel bills in particular are continuing to rise."

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