Budget is ‘huge moment to shape expectations of firms', says Shropshire Chamber chief
Shropshire Chamber of Commerce is calling on the Government to live up to its ‘pro-growth’ promise by delivering a Budget that gives businesses the confidence to invest and ability to thrive.
Ruth Ross, Shropshire Chamber of Commerce’s chief executive, said: “We need the Chancellor (Rachel Reeves) to provide us with a clear understanding of how the business support arena is going to look for the next five years.
“There could be implications for funded support programmes such as the Local Skills Improvement Plan and ‘going for growth’ programmes – we need to know whether their long-term futures are under threat from much-publicised cutbacks.
“The first Budget of a new Government is always a huge moment to shape the expectations of business and the public for the years ahead.
“So far, the Chancellor has championed the critical importance of economic growth and investment – but what Shropshire businesses need to know is how the Government plans to do this, so we can all work to make it happen. Conditions are still tough out there for many companies, and employers need help and support to be innovative and grow.”
She added: “Taxation is also going to be crucial.
“With a pledge not to raise income tax or National Insurance for employees, it appears increasingly likely that employers will be hit. And there is no doubt that it is causing nervousness. People who may have been considering selling their business have tried to do it quickly, thinking that the Chancellor is lining up a rise in capital gains tax.
“Any changes to inheritance tax could also be very important, as they can have knock on effect to the many charities and voluntary organisations in our county,” she added.
With inflation now close to target, and interest rates beginning to fall, the first half of 2024 has seen business confidence rise, and the British Chambers of Commerce has upgraded its growth forecast for the UK economy.
