Chancellor Autumn Statement


Business leaders across Milton Keynes will be
concerned about the lack of longevity in the energy price guarantee for
business which will hamper firm’s ability to plan.

Also Business rates are set to rise in April 2023 in line with
inflation, placing added financial pressure on companies. However, in his
Autumn Statement, Chancellor Jeremy Hunt confirmed a £14bn package was being
introduced to help soften the blow of rising costs.

Louise Wall, Chief Executive of the Milton
Keynes Chamber
“The interesting thing about this fiscal statement was that most of the
announcements are based beyond the next election where a lot of the difficult
decisions on tools for growth – such as long-term funding in infrastructure and
apprenticeships – are being pushed beyond the life of this government.

“This is all at a time when businesses are grappling with a
perfect storm of issues that are putting increasing pressures on the cost of
doing business – such as a flawed business rates system and rapidly rising
energy bills.

“The budget hasn’t really helped to address the long-term issue
that businesses are having with filling skilled vacancies, and further clarity
is needed from the government on how this generational problem is going to be

Director General, Shevaun Haviland
, said: The Chancellor has stayed true to his word in focusing on financial stability and targeting support for
the most vulnerable in society. But in the teeth of a recession, this statement will
not increase business confidence.

“Businesses will look at today’s
announcements and welcome
support with business rates, and
retention of the employment allowance, though the reduction in the dividend allowance will impact many smaller

half of businesses tell us they will find it difficult to pay their energy
bills once the Government’s Energy Bill Relief Scheme ends on 31 March 2023.
The sooner we get clarity on where future support will be targeted the better.

“It is
good news to hear plans to improve
energy efficiency across the economy, but we need to see greater urgency as firms battle with their bills in the
here and now.

“It is
also good news that Sizewell C will proceed, and we are relieved that HS2
and Northern Powerhouse Rail have not been cut further. These
projects will provide a major boost to regional economies as well as improving our national

“The Government must do more to improve conditions for businesses to invest and grow,
otherwise we will be starting from
a weak base to power our recovery once global economic conditions stabilise.

Chancellor’s Statement is light
on green innovation, doesn’t address
current labour shortages and has
nothing on boosting export led-growth.”