Suffolk business leaders say Budget does too little for employers

Summarised from 2 outlets · Updated 30 Oct, 13:33 · Archive

Business leaders in Suffolk and north Essex say the latest Budget fails to ease pressure on employers.

Business leaders across Suffolk and north Essex have criticised the Budget for failing to ease pressure on employers. While some welcomed help for the high street and lower costs, many said it would do little to help firms grow, hire or invest.

The national living wage will rise 3.9 per cent to £13.20 an hour, with the rate for 18–20-year-olds reaching £11.27. The small business rate relief threshold for retail, hospitality and leisure firms will rise from £12,000 to £18,000, with transitional relief extended for two years. Qualifying founders of high-growth companies will get a new 10 per cent capital gains tax rate, and tariffs on more than 100 imported food and fertiliser products have been suspended. The tax-free mileage rate of 55p for the first 10,000 business miles will become permanent, though the rate above that will rise from 25p to 35p.

Suffolk Chamber of Commerce said the Budget imposed few new burdens but lacked a clear plan to cut costs and drive growth. Mat Waters, chair of Suffolk Chamber's East Suffolk Forum, said there were 'no wholesale reversals of previous policies which negatively impacted a lot of businesses', and called the lack of concessions on employer's National Insurance disappointing. The chamber said the Budget left major concerns unresolved, including energy costs, skills shortages and infrastructure investment.

How it is being reported

• Suffolk and north Essex business bosses give their verdict on this week's BudgetBusiness leaders across Suffolk and north Essex say last week’s Budget does too little to ease pressure on employers.East Anglian Daily Times · 30 Oct, 13:00
• Suffolk and north Essex business bosses give their verdict on this week's BudgetBusiness leaders across Suffolk and north Essex say last week’s Budget does too little to ease pressure on employers.Ipswich Star · 30 Oct, 13:00

In this story: Suffolk Chamber of Commerce · Suffolk · north Essex · Mat Waters

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