Responding to today’s much anticipated Autumn Budget, Ross McNally, Chief Executive and Executive Chairman of Hampshire Chamber of Commerce, said: “The Chancellor had already said she would avoid putting further headline tax rises on businesses but nothing she has announced now will put a spring in the step of Chamber members.
“They continue to face the impact of costs imposed in the previous Budget which will stay as a general drag on hopes for economic recovery.
“And it will be businesses that ultimately pay for the rise in the minimum wage coupled with the freezing of tax thresholds and higher welfare spending.
“All of that simply piles more pressure on beleaguered firms responsible for payroll and tax receipts, essentially funding it out of earned income.
“There was precious little this time round that will transform the confidence of consumers, employees or employers, so to that extent it was a missed opportunity to create an economy that is moving.
“Industrial strategy and efforts to stimulate international trade were hardly mentioned at all and we believe the Chancellor could have taken far more risks on business support and investment, tax breaks and, despite some lowering of costs for hospitality businesses, business rate reform.
“Most businesses will continue to be cautious and lacking in confidence after today.
“That said, there was some good news on skills with the announcement that funding will be provided to make under-25 apprenticeship training completely free for SMEs (small and medium-sized enterprises).
“We also welcome the commitment to increase defence spending and the Chancellor’s reference to Portsmouth as playing a key role in that sector.
“Overall, we don’t believe this Budget recognises that it is businesses which ultimately drive the economy and create the prosperity to fund those essential public services we all rely on.
“We wanted to see business-friendly measures that support growth and turn around years of weak UK productivity, but what we have, at exactly this pivotal moment for an already stretched economy, is continuing cost pressure.”
About Hampshire Chamber of Commerce
Hampshire Chamber of Commerce is the independent voice of local business across the county and one of the largest regional business networks in the UK. With a strategic vision to ‘unlock Hampshire’s potential’, Hampshire Chamber brings together the combined influence, strength and expertise of the county’s three former major chambers. It works with over 2,000 individual firms spanning all sectors and sizes of business. Member services include training, advice, international trade documentation, events, networking opportunities and lobbying to policymakers on issues affecting business. Hampshire Chamber’s business network is designed to help any employer to grow and thrive irrespective of their stage on the enterprise journey.