Oil and Whisky Suffer Under Brown

5.49.37pm UTC (GMT +0000) Wed 17th Mar 2004

Commenting on today's Budget statement Gordon MP and Liberal Democrat Trade and Industry spokesman Malcolm Bruce said:

"The Chancellor has taken his usual approach of unnecessary interference in business and micro-management of the economy. This budget will do nothing to change the overall picture but will create confusion and add a greater cost burden to most British businesses.

"In spite of vehement lobbying the chancellor is going ahead with whisky strip stamps. This is bad news for the industry as it will cost jobs and competitiveness and may not even achieve the reduction in fraud the chancellor is seeking. As it requires legislation it may face vigorous opposition in Parliament.

"He has failed to give the stimulus to North Sea oil and gas exploration that the industry was led to believe would be introduced and having introduced tax concessions for incorporated businesses he is now clawing them back, although businesses should be aware that the tax will not be paid if the money is retained in the business.

"The constant chops and changes are a huge distraction for businesses, effectively taking their time away from managing and growing their businesses to deal with administrative changes.

"Every year Gordon Brown reinforces the urgent need for a reforming chancellor to replace him at No 11."