Budget: Tax cuts are bonus for foundry chief

CAST-IRON foundry Hargreaves said it will be "slightly better off" after tax cuts and measures to support businesses are introduced.

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The Halifax-based firm, which employs 65 staff, supplies castings to the engineering and construction industries and has a turnover of 6m.

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Managing director Michael Hinchliffe said the 20 per cent cut in corporation tax rate for small companies would outweigh the negative impact of the reduction in capital allowances for plant and machinery.

He said: "We will be slightly better off with the measures announced but I'm worried that the large cuts in the public sector and the increase in VAT might stump the economy's growth."

He added: "I'm glad the big infrastructure projects will still go ahead."