Chamber News

Suffolk Chamber response to Government borrowing figures

Suffolk Chamber response to Government borrowing figures

The halving in Government borrowing – and future projections suggesting further deficit declines - is an encouraging indicator that a return to broadly pre-pandemic fiscal norms may just be on the horizon.

That said, the Chancellor has a difficult balancing act over the next few years, between keeping the money markets happy and ensuring that otherwise successful Suffolk businesses are not squeezed into decline.

Quite simply, the excessive tax burdens and the costs of energy price hikes need to be addressed comprehensively and by no later than the autumn Budget.

Suffolk Chamber wants the Government to use this financial headroom to reverse the increase in employer NI contributions, implement a package of tax reductions on fuel and energy bills and introduce an energy cap for small and medium enterprises.

Article by Suffolk Chamber