Drop in corporation tax is welcomed
A SWANSEA business leader has welcomed Chancellor George Osborne's decision to reduce corporation tax.
Julian Hilton, regional managing director for insurance broker Jelf, which runs an office in SA1, said: "The Chancellor's statement was certainly a mixed bag.
"While March's growth figures were revised downwards, there were some positives which shone through and the fall in corporation tax is definitely good news for business. The current market is certainly challenging but there are signs of good news in Wales, particularly in the manufacturing sector, especially for the businesses that export.
"However, it certainly seems that the retail, leisure and property sectors are really struggling.
"Hopefully the 1 per cent cut in corporation tax, which is due to come in April 2014, will help generate some stimulus in the Welsh economy."