The Budget: A good Budget for jobs

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The Independent Online
PATRICK WEBB, 48

Managing director

About pounds 50,000

Surrey

PATRICK WEBB, managing director of a Lloyd's of London managing agent, said: 'My greatest asset is my job. My biggest concern is to keep Lloyd's profitable so that I can stay here and take a share in the wealth. This need completely overrides my concern as to whether the price of fags goes up 20p or if there is a 1p rise in petrol,' writes Esther Oxford.

'I am pleased with this Budget: it is good for jobs, it is good for Lloyd's members. The move to lighten the tax burden on businesses, reduce bureaucracy and to increase incentives will help the UK compete in the international market. Lloyd's members can also look forward to a better tax regime now that a reserve may be able to be set aside to protect against the occasional catastrophe.

Married with three children, with school fees for one child of pounds 9,000 a year, Mr Webb has a pounds 50,000 mortgage on a seven- bedroomed house. His fringe benefits include private health insurance, non-contributory pension, life insurance, and season ticket loan.

He said: 'The increase in taxes is not so impressive. The Chancellor has not done what he promised. Instead of keeping tax low he has put it up. Overall the extra tax and National Insurance and VAT increases will cost me about pounds 1,000 extra a year. But if that helps sustain recovery I am quite content.'

Mr Webb reckons to spend around pounds 30,000 a year on food and other living expenses and pounds 5,000 on leisure and holidays.

'My chances of selling my house have improved. The Budget focuses on the bottom end of the housing market - and whilst this won't help me sell the house as it is, the announcement has helped to crystallise my decision to divide the house into separate units.

'The introduction of VAT on power and fuel also helped crystallise my decision to break the house into separate apartments. With the increased price of heating a large house, the prospect of heating small units will become far more attractive to potential buyers. It is important that the Chancellor mentioned Lloyd's and that he wants it to remain in the world's centre of insurance,' he said.

(Photograph omitted)

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