Industry reacts to budget speech

Members of industry association, HBAA, have given a mixed response to Chancellor of the Exchequer George Osborne's budget speech on Wednesday (23 March).

Industry reacts to the budget
Industry reacts to the budget

The association, whose buying power in the sector accounts for £2.3bn, was keen to see what it would mean for the accommodation, meetings and events booking sector.

Hotelscene managing director Nick Foot said it was a budget that "mixed good and bad news" but it is too early to get out the bunting and start the street party just yet.

"Low consumer confidence, public spending cuts, high global commodity prices and the problems in Japan and the Middle East all point to a cautious approach to 2011 so I can’t see businesses loosening their meetings and events budgets too far," he commended.

"The proposed legislation to simplify the tax system on business is to be welcomed by the meetings and events industry but the positive impact of these measures will not be felt for some time," he said.

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