Suffolk Chamber's initial response to the 2025 Budget

“Suffolk Chamber of Commerce’s initial and topline response to the announcements from Rachel Reeves is that when compared to the largely negative elements of the 2024 Budget on businesses, the 2025 version would appear to be relatively neutral overall in terms of direct impacts.

“We are certainly pleased to note the positives within some of the specifics – many Suffolk Chamber advocacy asks. These include the exclusion of the horseracing sector, so important to the west Suffolk economy, from increases in Gambling Tax, confirmation of a lower business rates multiplier for the smallest firms and fully funded training for under-25 apprenticeships for SMEs.

“Our policy team is now looking at the details behind the Budget headlines and will be communicating our considered perspectives in the next day or so.

“However, we note the disappointing estimates beyond this year for growth and productivity from the Office for Budget Responsibility. The Chamber believes that these will only pick up when business leaders and entrepreneurs have the liberating confidence that the Government has a clearly articulated plan for the rest of this Parliament to both lessen the drag impact of excessive business taxes, including business rates, and in ministers committing to major capital projects such as the Ely/Haughley rail junctions and improvements to the A14 in Suffolk, including the Copdock Interchange.

“In short, transformation, not tinkering, is what is really needed to realise the nation’s sustainable prosperity and to ensure this county’s maximum contributions to that goal”