CHANCELLOR Gordon Brown's 2004 Budget speech brought no new taxes and 'resembled more of a pre-election party political broadcast', according to Mike Horwood, tax specialist and partner at Baker Tilly in Hereford.

He added: ''It is a shame he hasn't done anything more exciting. There were no surprise announcements despite excellent growth in the economy, low interest rates and economic stablility.''

Baker Tilly were hosting their annual Budget seminar last Thursday at Hereford's Left Bank Village and business leaders from around the county were out in force.

The topic on everyone's lips was the potential impact on businesses, personal tax, investment and pension arrangements.

Julian Morgan, of 7Y Services, saw extra tax relief on profits and new rules for investment through venture capital trusts as positives.

Euro late-comers

He added: ''It is good to see the Government making an effort to save money through streamlining its own departments.''

Peter Graville, of Leominster's Snap Drape Europe Ltd, said: '' It now looks as if it could be seven years before Britain goes into the Euro. From Herefordshire, we export 60% of our drapery products for the hospitality industry.''

He added: ''We can expect to see a stronger £ and this is worrying as it creates weaker profit margins.''

Dennis Loynes, of South Hereford Garages, said: ''Sales of commercial vehicles may be hit by extra tax on the use of vans for private motoring. The National Insurance increases from previous rounds are really beginning to bite and the cost of funding final salary schemes is escalating.''

Tax consultant Peter Strevens said: ''Gordon Brown has tried to pull the rug from under the Conservatives by announcing cost savings in the public sector.''

He added: ''The closing of more tax loopholes is a sting in the tail for owner-managed businesses and for people who want to leave houses to families.''