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“The budget supports employment; but does it support growth?” Craig donaldson, chief executive, metro bank comments on the 2013 chancellor’s budget

20th March 2013

“The Chancellor promised a Budget 'for people who aspire to work hard and get on’, and this was certainly a budget that was aimed at boosting employment. In particular we welcome announced cuts to the employer National Insurance contributions. As a fast growing company, Metro Bank understands that growth is a major priority of most businesses. In just three years we’ll have created over 1,000 new jobs, and recognise that the cost of hiring people can be a major barrier to growth for many companies. Anything that can alleviate this must be welcomed with open arms.

“The Chancellor's challenge is getting the balance right, and business funding initiatives were the elephant in the room. While making it easier for SMEs to grow their workforce, the Chancellor didn’t go far enough in terms of concrete measures to help small businesses grow their operations. We know from our customers that confidence in the market is low. To truly support enterprise the Government must announce concrete initiatives intended to restore faith and encourage more lenders to lend and more businesses to borrow.”