Business, Political | Posted on November 18th, 2022 | return to news
Chancellor should be prepared to step in with further support
“The Chancellor’s Autumn Statement was unsurprising yet remained disappointing,” said Dorset Chamber chief executive Ian Girling.
The autumn statement was delivered in the House of Commons on 17 November by Chancellor of the Exchequer Jeremy Hunt.
Girling continued, “Many businesses will remain treading water while they struggle to make it through stormy economic seas ahead, as it is confirmed that we are officially in recession.
“Some measures are welcome, such as the removal of import tariffs on some goods used in production and retention of the employment allowance.
“The £13.6bn pledge for business rate support was encouraging although we will have to wait and see how this eases the burden at street level for the many shops, pubs, restaurants and offices in Dorset.
“Similarly, the devil will be in the detail for the re-calibration of the flagship Investment Zones.
“It will be disappointing if areas earmarked in Dorset miss out because and we must also make sure the county gets its fair share of any future infrastructure spending.
“The spectre of energy bill rises next spring looms large and the sooner we get clarity on where future support will be targeted the better.
“Some hard-pressed firms may have concerns about the increase in the National Living Wage and the reduction in the dividend allowance will impact many smaller firms.
“Business accepts that it must share the pain to help the country through tough times ahead and understands more than most the need for financial stability.
“However, the Chancellor must be prepared to step in with further support over the coming months, if required.
“His promises to lead us through a shallower recession than feared may prove hollow for those businesses that find themselves sunk before we make it to the other side.
“Dorset Chamber will continue to provide support for firms in the county and lobby for business at the highest level through the British Chambers of Commerce.”
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