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Package of measures 'a missed opportunity'
BRITAIN'S status as the world's leading financial centre means the country is likely to be affected more directly by a global financial recession, the Chancellor of the Exchequer has warned.
Alistair Darling yesterday unveiled a range of measures designed to restore and maintain financial stability in his pre-budget report.
But Jonathan Riley, right, managing partner of Grant Thornton in Leeds, accused the Chancellor of tinkering around the edges and said the package was "a missed opportunity".
He ridiculed Mr Darling's attempt take the credit for the booming economy and then blame the downturn on the global situation and said it demonstrated powerlessness.
"It means whatever he does, it is not necessarily going to make things better," he said.
Mr Riley also criticised the Government for consistently getting its revenues and growth forecasts wrong.
He said "inherent instability" in the domestic economy would deter financial institutions from investing in businesses.
Kevin O'Connor, chairman of the Leeds Financial Services Initiative, said the VAT reduction would "help banks and insurance companies because their costs will go down".
He added: "In that sense, it helps financial services."
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Sunday 12 February 2012
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