Chamber response to the Chancellor's Autumn Statement of 29 November 2011

01 Dec 11

Jimmy Chestnutt, Chief Executive for Hampshire Chamber of Commerce said,

“Hampshire Chamber welcomes the statement confirming the Government’s intention to maintain policies which will ensure that the UK retains its triple-A status. In doing so he made the point that a 1% rise in the cost of borrowing would cost this country an extra £10 Billion per year.

The introduction of £40m to underwrite loans for small and medium sized businesses is very welcome and is forecast to reduce the burden of interest rates by 1% for SMEs. A further measure of £1bn business-finance partnership to help mid-sized companies is also welcomed but there will need to be a quick release of both funds to help companies in their recovery and kick start plans for growth.

Other highlights for business include an extension to rate relief up to April 2013; and significant measures to assist start-up businesses. Although growth has been downgraded and will be much lower that forecast, the Chamber is encouraged that OBR predicts that within two years there should be a definitive lift which should provide businesses the right climate in which to plan with more confidence.“

Please see the links below for the British Chambers of Commerce response and guide to the Autumn Statement at a glance.

Useful links

http://www.hampshirechamber.co.uk/docs/BCC%20-%20response%20to%20Chancellor's%20Autumn%20Statement[1].pdf

http://www.hampshirechamber.co.uk/docs/Autumn%20Statement%20of%2029%20Nov%202011%20at%20a%20glance.pdf