Lloyds Bank have issued a statement following this afternoon’s Budget.

Leigh Taylor, regional director for SME Banking in the North East at Lloyds Bank Commercial Banking, said:

“The package of support for housebuilders that was widely trailed before the Budget will be welcomed by businesses, especially those policies that are designed to help smaller developers share in the opportunities available.

“Action to simplify the planning system, allocate land to smaller developers and underwrite loans could all help to accelerate the pipeline of new homes in the North East.

“The measures announced to improve technology could give the region’s productivity a boost and businesses will be encouraged to hear the Chancellor announce further details about 5G coverage, particularly as a third (34%) of firms we spoke to wanted the Government to commit to improving broadband access across the North East.

“Business owners in the region will be able to further benefit from R&D tax relief with the Chancellor laying out plans to simplify the process.