Certus client Stuart Reid, exec chair of Bluefin, on the Budget

From Insurance Age (19 March)

Brokers and experts say Budget changes could be good for business with SME growth a key measure.

The insurance sector has broadly welcomed the The Budget, outlined by George Osbourne Chancellor of the Exchequer today.

Bluefin chairman, Stuart Reid, was pleased with the Office For Budget Responsibilities forecast of 2.5% GDP growth - something he believes will have an impact on SME business for insurers and brokers.

He said: "The OBR has revised up its forecast GDP growth this year to 2.5%, then 2.3% in 2016, and this revised forecast will further improve confidence among our SME customers who have been slower to come out of recession than larger corporates.

"Bluefin's wide regional footprint, with 52 offices, makes us a barometer of business confidence and we believe that confidence is back even among small business owners."

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Reid also welcomed the decision to devolve power locally, such as appointing an elected mayor for Manchester, and commented:

"We strongly support the government's efforts to create a northern powerhouse. Increased prosperity and growth through higher government infrastructure spending and devolution of power to cities such as Manchester will assist suppliers and other businesses dependent on infrastructure investment, which will increase demand for insurance."