East Midlands Chamber has responded to a pre-Budget speech from the Chancellor, in which tax rises announced on 26th November were not ruled out.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “Business took the brunt of a tough Budget last year and had to make difficult decisions as a result. Higher National Insurance contributions and a higher national living wage announced at the Budget made for a challenging trading environment for firms and we’ve already seen its impact.
“The Chamber’s Quarterly Economic Survey has shown hesitant investment from East Midlands firms and reduced confidence in expectation of increased turnover and profitability. With inflation having soared to 3.8%, significantly above the government’s 2% target and the region’s businesses having reported corporate taxation and inflation top of their concerns, firms need assurance that any further tax rises are not applied to them.
“26th November is an opportunity to put business front and centre and that opportunity must be taken. In addition to ensuring firms are not hit with tax hikes, investment needs to be incentivised and business rates reformed.
“Our Framework for Growth for the East Midlands will be launched at Westminster as the Budget is delivered; that document outlines key asks across a wide range of areas including rates reform and taxation, as well as areas like planning, infrastructure and skills investment that would enable growth in the region.”
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