Suffolk Chamber Responds to the Spring Statement

“As suggested by The Treasury’s pre-Spring Statement communications, this particular fiscal event was more about information-sharing and forecast-updating and less about new policy announcements. 

“After the traumas and surprises of the 2024 Budget and the uncertainties leading up to last year’s equivalent, Suffolk businesses will settle for that. 

Aside from the impact of overseas events, including the current spiking in energy costs due to the renewed hot war in the Middle East, what businesses need more than anything from the Government is confidence that they have a clear line of sight as to what the medium-term future may hold, so that they can sensibly implement their investment and growth plans. 

“It is certainly encouraging that inflation may continue to fall, although the impact of overseas hostilities could boost price increases in the short-term.

“However, the revived forecasts from the Office for Budget Responsibility show that overall economic growth remains muted. This reflects the insights from Suffolk Chamber’s recent Quarterly Economic Surveys. 

“We will continue to urge the Government to pursue three key imperatives between now and the end of this Parliament:

• Set out a programme of planned business tax cuts to at least reverse those from 2024 that have had such a negative impact of many sectors
• Address market failures by bring forward proper investigations into key strategic road upgrades, including the Copdock Interchange and the Ipswich Northern Route, and by backing key infrastructure projects in the East of England, including Ely and Haughley rail junctions and the roll out of 5G mobile connectivity into our market towns and rural areas
• Being courageous in finally replacing the out-of-date and anti-entrepreneurial Business Rates system and its replacement by a profit, sales or turnover tax”