The big question...

Business Argus has been asking local business people what they would like to see him announce during his speech.

Lewis Lewis, director of Corporate & Client Services, Lewis and Lewis Ltd International Construction Consultants

Ultimately, cutting the deficit gradually has been the right plan. The earlier cuts imposed by this government were too aggressive and caused, along with the Eurozone crisis, the UK to stagnate for too long a period. The gradual cuts planned for the next five years will bring the UK finances back to some degree of sanity without dragging on growth too much. Announcements on housing, infrastructure and energy I think will feature heavily in the 2014 budget. However, the likelihood of any additional capital investment is low. We should expect an update to the infrastructure pipeline. What form this takes is uncertain and, as in the past, it’s likely there will be more than a few revamped re-announcements. In February, Labour statisticians claimed that just seven out of the 576 projects in the National Infrastructure Plan have been completed, and deputy prime minister Nick Clegg has recently admitted his frustration at the long-delays between the government announcing and completing projects. Construction has had a tough ride like many sectors since 2008; past Budgets and autumn statements were seen as significant opportunities for the government to support demand and help aid the recovery, but on the whole the UK government failed to act during some very critical times. However, this time we can only hope things will be different. Construction grew by 1.3 per cent in 2013 and continues to recovery, so the Budget, while still important, ultimately matters less.

Robert Twigg,commercial property partner, Everett Tomlin Lloyd & Pratt

From the perspective of the property sector I would like to see the Chancellor come up with some more measures to ease the burden of business rates and also something to give local authorities the extra resources necessary to speed up the planning process so that developments can be brought forward more quickly.

Richard Selby, director, Pro Steel Engineering

As the construction industry continues its recovery this year, after eight consecutive months of growth, the Chancellor must provide SMEs with access to working capital to help them compete with larger firms. Currently, if a small firm wins work that must commence immediately, the finance often isn’t available for another month or two - and interest rates are high - which puts a large strain on working capital and harms its ability to complete the job. This model simply isn’t sustainable for the sector. I would like to see the The Chancellor offering SMEs low interest loans or up front lending with delayed repayment terms. This will provide us with adequate financial support in order to meet the immediate costs associated with short-notice projects, such as an increase in labour cost and the purchase of raw materials.

Peter O’Toole, chief executive officer, Retail Merchandising Services, Langstone

The retail sector would value an extension of the two per cent cap on business rates in England and Wales. This measure will give confidence to store-owners and help protect thousands of jobs, providing a much-needed boost to local high streets. I would also welcome the extended reduction of business rates for small businesses. With nearly 150,000 small, independent retailers in the UK, this support would be invaluable in helping them to grow and invest. The Government must also continue its reoccupation relief for new occupants of previously empty retail premises, as retailers continue to battle the rise of online shopping. If business rates do increase again in this budget, this will hit struggling retailers where it hurts, resulting in job losses, harm to local economies and further damage to our high streets.

Clive Thomas, managing partner at Watkins & Gunn Solicitors

I want to see as much done as possible to support the recovering economy and to bolster the new confidence we are seeing in business. In particular, the British Business Bank must be given all of the resources needed to support small and medium sized enterprises and steps must be taken to ensure that businesses can access affordable energy to remain competitive.

Steve Theaker, tax partner, UHY Hacker Young, Newport

Top of our list would be an extension of the £250,000 Annual Investment Allowance past 2015, to allow businesses to invest in their infrastructure; a curb on the ever increasing energy costs currently handicapping the UK’s manufacturing sector and preventing it from being the world leader it once was, and; a tax or NIC break for employers taking on apprentices of all ages would provide a much needed boost to nurture our very best talent. On the subject of talent, we need a relaxation on taxing the worldwide income of top athletes coming to the UK. All of the above is possible and could be wholly funded by sensibly tackling tax avoidance with a realistic plan that everyone understands.

Gerald Davies, executive chairman, Kymin

Two obvious targets are business rates and National Insurance. These are both taxes although they are called by different names.They are levied on business, whether they make a profit or not. NI is a tax on jobs. Business rates are entirely outmoded and need to be completely revised. I have heard George Osborne quoted as describing NI as 'earnings tax', which is a lot more honest than anything we have heard from any previous Chancellor. As for business rates, the internet has completely transformed our buying patterns. At least 25 per cent of items we would previously have purchased in the High Street, are now bought on-line; and this percentage is growing. We need to wake up to the changed situation, and taxes should be levied so as to achieve a level playing field. Businesses only pay Corporation Tax if they make a profit.

David Pugsley, director, professional service, Hutchings & Thomas Chartered Surveyors, Newport

One measure that would be welcomed would be the revision of the unfair way that Stamp Duty is levied on property transactions which have seen a distortion in the market of payments at the Stamp Duty thresholds. While appreciating that the threshold charges have not increased, the difference in payments above £250K and £500K is significant. More people appear to be dragged into the higher bracket with future rising property prices. A levelling of the playing field, perhaps on the basis of income tax, where additional payments would be based on the specific amount above the threshold, appears to be fair ie if a property is purchased for £275K, Stamp Duty of one per cent would be paid on the first £250K and three per cent on the additional £25K, not three per cent overall. Alternatively a change of Stamp Duty thresholds or the imposition of a flat rate of Stamp Duty, irrespective of value, could be considered. However I believe that this is unlikely to be considered as the current payment represents a significant cash cow to the government.

Liz Maher, VAT director, Centurion VAT Specialists Ltd, Langstone

Some additional zero rate reliefs to help the third sector in Wales continue to deliver their projects in the wider community without having to incur VAT on costs they cannot recover. It feels like a stealth tax revenue generation to give them government grants then claw a percentage of that back when they pay VAT on their bills which they don’t recover.

John Nash, managing director, Construction Skills Training, Caerphilly

I would like to see the Chancellor help businesses invest more in apprentices, whether they are providing new funds to SMEs or investing in skills development. Apprentices make a significant impact on the Welsh economy and they will help us build a highly skilled and flexible workforce in the long term. Without incentivising employers, we risk missing the chance to match our most talented young people with the opportunities that businesses have to offer.

Ed Gooderham, Green & Co Accountants, Cwmbran

Decrease VAT back down to 17.5 per cent. This will encourage more business and allow business owners more manoeuvrability. The current VAT system doesn't encourage small businesses, thus discouraging economic growth.

Helen Barry, QualitySolicitors Rubin Lewis O'Brien, Cwmbran

Increase the threshold on Stamp Duty. The minimum is currently set at one per cent on all properties in excess of £125,000. It needs to reflect the rate of inflation and increase in property prices. Having a more progressive regime would create a fairer stamp duty system.

Dan Langford, Group Marketing & Communication Director, Acorn

I would prioritise support for SMEs and start-ups to include NI breaks and caps on business rates inflation to help companies invest in more staff. I also believe that there is a need for some longer-term clarity by, for example, determining minimum wage for up to five years ahead. Finally, I would ensure a continued focus on infrastructure investment, including boosting housing supply, and protecting spend on R&D, science, engineering and technology to encourage business investment.

Denise Lovering, Glenside Commercials

Reduce hidden taxes like the Severn Tolls and fuel duty. They add a huge burden to business particularly the transport sector in Wales. A reduction in fuel duty would benefit all motorists. Reduce the high cost of energy. Overhaul planning departments, give local authorities extra resource to make decisions more quickly – this will help businesses and give a particular boost to house building. Provide a straight forward, structured training scheme, to encourage schools and business to work together. Reduce the basic rate of income tax to give help to those on lower incomes.

David Russ, managing director, South Wales Chamber of Commerce

The Chancellor must enable businesses to take on and train up young people whether they are entering into apprenticeships or straight into jobs. Any improvements to the energy markets which result in reduced energy costs would be positive and we would call for the Chancellor to freeze energy prices for SMEs.We would like to see some reforms to the business rates system which are also long overdue.

Nathan Bowles, chief executive officer, Smart Solutions, Newport

It’s crucial that there are no increases to employer related costs. We would urge Mr Osborne to focus on increasing the employer NI threshold, giving a break to businesses. A move like this would provide an incentive to businesses to boost jobs and pay, therefore increasing overall productivity and driving the economy forward. We heard the announcement last week on the 19p an hour increase to minimum wage but there needs to be more emphasis on inward investment and the creation of job opportunities over and above minimum wage jobs as well. We should all be striving to make the new minimum wage much less relevant.

Richard Lansberry, general manager, St Pierre, A Marriott Hotel & Country Club, Chepstow

I’d like to see a cut in tourism VAT. The UK is only one of four countries within the EU to not take advantage of a reduced rate of VAT within the tourism sector. A reduction from 20 per cent to five per cent on accommodation and attractions would help lower prices, but also allow businesses to increase investment in these areas. By not cutting the rate of VAT British families or international visitors choosing a British holiday would pay almost three times as much VAT compared to a French or German break, and twice as much as one in Italy and Spain.