Cambridgeshire businesses question short-term Budget support

Summarised from 2 outlets · Updated 29 Oct, 14:19 · Archive

The Cambridgeshire Chamber of Commerce welcomed some Budget measures but criticised gaps in support for employer National Insurance, energy costs and exports.

The Cambridgeshire Chamber of Commerce has welcomed some of the Chancellor's announcements but expressed concern about gaps in support for local firms. The business-rates threshold increase is a step in the right direction, but the chamber said it falls short of what the British Chambers of Commerce called for. The absence of employer National Insurance relief, business energy support and export provision means short-term pressures remain largely unaddressed.

The Budget includes a rise in the small business rate relief threshold from £12,000 to £18,000, removing rates for 70,000 more businesses and freezing business rates for two years. Other measures include a 3.9 per cent increase in the National Living Wage and National Minimum Wage, a tripled trading allowance, and a new entrepreneur's allowance intended to cover a year of living costs. The Chancellor also announced a scale-up programme for female founders, new founders' Capital Gains Tax relief, and a fiscal devolution roadmap for mayoral authorities.

Charlotte Horobin, chief executive of the Cambridgeshire Chamber of Commerce, said the real impact will depend on how quickly the measures translate into tangible benefits. She said: 'There are encouraging signals on place-based growth and devolution, but the practical test is simple: how quickly will these measures translate into lower operating costs, stronger investment and real opportunities for businesses on the ground?'

How it is being reported

• Cambridgeshire firms left with ‘more questions than answers’ after BudgetBusiness leaders say the latest Budget offers "more questions than answers" for firms across Cambridgeshire.Cambs Times · 29 Oct, 13:42
• Cambridgeshire firms left with ‘more questions than answers’ after BudgetBusiness leaders say the latest Budget offers "more questions than answers" for firms across Cambridgeshire.Ely Standard · 29 Oct, 13:42

In this story: Cambridgeshire Chamber of Commerce · Charlotte Horobin · British Chambers of Commerce · Cambridgeshire · Cambridge Development Corporation

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