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What does Suffolk Chamber of Commerce want from the Autumn budget 2017?

What does Suffolk Chamber of Commerce want from the Autumn budget 2017?

Click here to listen to Suffolk Chamber of Commerce's chief executive, John Dugmore, as he sets out what Suffolk Chamber of Commerce is looking for from the Autumn 2017 budget

 

Budget 2017 briefing note 

Background:

Against a backdrop of increasing uncertainty surrounding both the details of the Brexit negotiations (notwithstanding the welcome guarantees on EU citizens’ rights and the stability of the Government) – plus increases in upfront or input costs, it is vital for business confidence that this budget both cushions the transition period AND nails down some fundamental reforms

Transition period:

Brexit Special Annual Investment Allowance (AIA) – to see a temporary increase in the AIA from £200,000 to up to £1,000,000 for three years to encourage firms to invest

Reduce upfront costs on business:

 * Tackle upfront business costs to encourage businesses to bring forward their investment and growth plans by:

 *  Abandoning the automatic uprating of business rates for the next two years and bringing forward the business rates multiplier from RPI to the lower CPI

 *  Remove all plant and machinery from business rates valuation

Fundamental reforms:

 * Speed up delivery of big infrastructure projects that will better connect Suffolk to its national markets eg A14, Crossrail

 * Release funds to bring roads network back into a ‘reasonable’ condition

* Commit to removing all remaining mobile ‘not spots’ by 2020

John Dugmore quote:

“According to our survey data, the Suffolk business community remains resilient and keen to take advantage of each and every opportunity that the future offers. “However, to ensure that the business community has the confidence that the Government understands its need for some measure of certainty, we are looking to the Chancellor to be bold and back improved investment incentives, dilute the damaging up-front costs that business is saddled with and put the foot on the accelerator in starting key infrastructure projects sooner rather than later.”

 

 

Article by Suffolk Chamber