Business West responds to the Government’s Growth Plan

Responding to the Chancellor’s statement this morning, Matt Griffith, Director of Policy at Business West, said:

“Given the new Government’s fiscal event today wasn’t termed a Budget statement it contained so many measures that will affect firms and communities across the region. 

“It’s positive to see the announcement of new Investment Zones within the West of England and the broader South West which could attract jobs and growth into the region. We look forward to examining the details. 

“For companies making profits the cancellation of the planned corporation tax rise due in April 2023 will be welcome, and all businesses investing in new plant and machinery will get the continued benefit of the annual investment allowance which had been due to fall.

“The biggest measure for local employers is the long-trailed cancellation of the national insurance increases, which the new Chancellor announced would be effective from 6 November. 

“This cut partially offsets the backdrop of higher costs of doing business. The cost of the package overall hasn’t been published but will add significantly to the government borrowing totals.

“We await further details on the reforms announced by HM Treasury.”