Autumn Statement: more support for businesses, but uncertainty remains, says Suffolk Chamber

Commenting on today’s Autumn Statement, announced by the Chancellor, John Dugmore, Chief Executive of Suffolk Chamber said:

“The Chancellor needed to deliver an Autumn Statement that provided a credible plan for business growth while maintaining the UK’s fiscal credibility. Under tough circumstances, he has managed to propose a number of measures that will be welcomed by business. However, it is clear that the outlook for the UK is very gloomy over the next year or two with 2012 promising to see the recession return and slow growth after that. In the circumstances it seems Osborne has moved to a plan A +.

“The biggest challenges to UK businesses remain global demand and economic uncertainty. Firms will give the Chancellor credit for pulling the levers under his control, but will remain concerned about the wider economic environment.

“In particular, members will welcome the Chancellor’s renewed commitments to reform employment law and simplify the planning system. The Chamber also supports the aim of credit easing, but we will be watching carefully to ensure that viable small and medium-sized companies can access the finance they need to grow.

“Ahead of the Autumn Statement, we urged the Chancellor to invest further in infrastructure, give more support for exporters, and introduce measures to help businesses invest with confidence. He has responded in part to each of these major concerns, identifying a number of growth measures and many of them should have impact in the East of England.

“One of the most important infrastructure issues holding back the economy of Suffolk has been the consistent inaction of dealing with the problems of the A14.” said the Chief Executive of Suffolk Chamber John Dugmore. “Our members have been leading the clarion call for an upgrade that would make a major difference to not only the logistics sector which is a cornerstone of industry here but also thousands of SMEs who rely on being able to move around the region quickly and regularly.

“Therefore today’s announcement by the Chancellor of two A14 infrastructure projects is welcome news and will be a ‘shot in the arm’ to the local economy, but businesses will be very keen to see the detail of any tolling mechanism, particularly if it adds to business costs in these difficult times’’ he added.

“The cost of fuel for example is at a record consistent high and is debilitating. Therefore, we are very pleased to hear that the Chancellor has cancelled his 3p rise in fuel duty.

"There are a number of other measures that look very positive including the extension to the Regional Growth Fund by £1bn and the Chancellor’s measures to stimulate the energy and construction sectors both of which are very prominent in Suffolk; however we need to see the detail.

“As a Chamber we’ll be asking for our members views and feedback over the coming weeks and then ensuring that they are heard not only by our Members of Parliament but across Government departments.”