Hampshire Chamber responds to Budget

Peter Taylor, President of Hampshire Chamber of Commerce
Peter Taylor, President of Hampshire Chamber of Commerce

Responding to today’s Budget, Peter Taylor, President of Hampshire Chamber of Commerce, said: “While trading conditions remain fragile, the key test is whether or not the Chancellor has given businesses more headroom and confidence to make the right decisions on investment, reskilling and job creation.


“We welcome the substantial reduction in business rates he announced for the retail, leisure and hospitality sectors. The move to more frequent revaluations of rates is also good news but we still believe structural reform of such an iniquitous tax, which takes little or no account of profitability or ability to pay, remains long overdue.


“The extension of the annual investment allowance and targeted tax-reliefs for our creative industries will be applauded.


“Cancelling the planned rise in fuel duty will also benefit business and, particularly in Hampshire, companies working in global shipping and logistics stand to gain from the simpler, fairer tonnage tax regime being introduced.   


“Given its many UK connections, Southampton Airport should also see a boost from the lower rate of air passenger duty attaching to domestic flights.  


“Some of those businesses struggling with rising upfront costs and the prospect of higher inflation will be concerned about the size and speed of the increase in the minimum wage but we believe this is an essential move towards the economy we all want to see, one built on high skills and high productivity.”  

 

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