Suffolk Chamber initial statement on 2022 Spring statement

John Dugmore, chief executive, Suffolk Chamber of Commerce:

“Suffolk’s hardworking business owners will be pretty nonplussed by this Spring Statement: it’s almost as if they and the trading realities they face aren’t being fully comprehended in Whitehall and Westminster.

“The Chancellor delivered lot of promises about future possible tax cuts on business investment, adjustments to the Apprenticeship Levy and extensions to R&D tax credits. But in terms of the here and now, he seems to have only offered a few limited, albeit still welcome, concessions in terms of fuel duty reductions and business rates discounts for some specific sectors.

“With many firms facing considerable challenges in terms of price increases and the resulting squeeze on their cashflow, this Statement has rather body swerved the really important decisions regarding delaying increases to employer NI contributions and corporation tax and capping energy prices for small and medium enterprises which are the backbone of our local and regional economies.”