Here’s the verdict on George Osborne’s spending review from Cumbrian business leaders:

Rob Johnson, chief executive of Cumbria Chamber of Commerce

Northern Powerhouse Investment Fund

"We're pleased to see creation of the £400m new Northern Powerhouse Investment Fund, effectively replacing the previous North West Fund. This is will be a debt and equity fund, designed to help small businesses grow. We'll be working with small businesses to help them access and use it effectively.” 

Small business rate relief

"The extension of this for another year is clearly great news for the 600,000 small businesses benefiting from this."

Ian Stephens Managing Director of Cumbria Tourism “As the tourism and visitor economy delivers yet another year of solid growth for the Cumbrian economy, we are cautiously optimistic that the Government’s Autumn Statement will deliver numerous benefits for tourism in England. The Tourism Alliance’s briefing gives a good overview of the budget and how it impacts on Government spending over the next few years. 

“Meanwhile highlights to note are: The government will increase support to tourism by creating a new £40 million Discover England Fund to boost tourism across England; The government will invest £60 million a year to deliver the renewed GREAT campaign.”

Graham Lamont, Chief Executive at Lamont Pridmore

“The Chancellor’s latest Statement has been pretty quiet compared to the last few that he has delivered and may have surprised many small businesses. While there may not be any big moves to support SMEs, the fact that the Chancellor has decided not to make big changes to tax or regulations should be welcomed. 

“Knowing that the next six to seven months will hold fewer surprises will allow business to plan, invest and grow more easily, without the fear of a sudden change to their operations.”

Nigel Holmes, tax partner, Armstrong Watson 

“Once again, the reference to “northern powerhouse” was made very early in his speech as it was announced that the economic recovery has been better in the north than the south - a comment slightly tarnished by an immediate reference to Birmingham which is not very northern from my perspective. 

“Of course, it was fantastic news to hear that Carlisle’s Kingmoor Park has been granted Enterprise Zone status; hopefully this will bring many new businesses and jobs to the city.” 

Steve Errington, chief executive of Story Homes  

“Story Homes welcomes the Government’s continued commitment to housebuilding – which has already seen the sector increase by 19% in the past year with 155,000 new homes constructed.

“Help to Buy has played a significant part in this growth, through making access to homeownership easier. So it is pleasing to see that the Government is looking at more innovations, through schemes such as the part-ownership and Rent to Buy programme, which will all help to stimulate homebuilding.

“Starter Homes in particular will help to provide more houses for first-time buyers - who are the lifeblood of the housing market.”

Dodd & Co

“There was no good news for buy-to-let landlords and to make matters worse George Osborne has followed his previous trend of focussing on residential landlords with the announcement of further changes which will raise an additional £1 billion of tax by 2020.

“The largest tax raising measure in today’s Autumn Statement is the 0.5% Apprenticeship Levy which will be introduced in 2017 and will raise an additional £2.7 billion of taxes in its first year. However, there is good news for smaller businesses as a relief will mean that only businesses with a wage bill of over £3 million per year will have to bear this liability.”