Ahead of the Autumn Statement today, Ross McNally, Chief Executive and Executive Chair of Hampshire Chamber of Commerce, highlights a series of economic priorities for business that members want Jeremy Hunt to address.

Ross McNally says:

“Businesses in all sectors are struggling with inflationary pressures and rising bills. Our latest members’ survey found these were the top business concerns for around three out of four members.

“Rising fuel prices, higher costs of raw materials and the impact of higher interest rates are combining to put pressure on members to increase prices for customers.

“Another growing issue is the difficulty in recruiting skilled staff. Our survey found that six out of ten firms are currently operating below capacity with staff shortages a key reason.

“When you have a high demand for labour but a lack of supply you end up either choking off the scope for investment and growth or seeing an inflationary wage spiral.

“This all adds to huge economic uncertainty and a weakening in business confidence.

“Our members are amazingly resilient, hard-working and creative, but at this critical period of 40-year-high inflation and a looming recession, they need help.

“We know that wide-ranging tax rises and spending cuts are needed to plug the fiscal shortfall and businesses will expect to share some of the burden – but not a disproportionately large share.

“As well as getting an immediate grip on inflation, in the Autumn Statement, the Chancellor must take urgent action and put in place a long-term pro-growth plan to restore confidence and certainty.

“We call on Jeremy Hunt to consider measures such as:

• maintaining the current fuel duty cut beyond next March
• extending business rates relief and ensuring there is no uplift in line with inflation
• maintain the energy price guarantee so businesses can avoid the ’cliff edge’ of crippling increases in energy bills with the scheduled end of support schemes in April
• introduce supply side measures such as training subsidies and upskilling initiatives to help tackle the desperate issue of staff shortages and make it easier to allow more foreign workers into the UK
• introduce tax policies to promote and incentivise investment in capital projects and green infrastructure
• consider delaying the planned rise in Corporation Tax from next April

“Business success is the vehicle to deliver sustainable economic growth and the solid economic foundations needed to stabilise the public services we all rely on.

“If the government truly wants to see the creation of high-quality jobs and investment opportunities, it must not pile unsustainable cost pressures on already struggling businesses in this latest Autumn Statement.