Conister boss comments on UK budget

Wed, 23 Jun 2010

The Managing Director of Conister Bank is cautiously optimistic following the UK's budget yesterday.

Simon Hull, who's in charge of the Island's only independent bank, highlights the UK as one of the Island's major trading partners, and says the economy of the Island will continue to present opportunities for well managed local businesses to grow.

He adds that the planned increase in VAT is an incentive for small and medium sized businesses to bring forward the purchase of businness assets such as vehicles, IT and machinery before the rise comes in to force.

The Treasury estimates that the Government will earn an extra £25million per year in VAT receipts due to the increased rate.