Norfolk Chamber members are calling for the Chancellor to take rapid and radical steps to shift government spending from unproductive areas and towards growth measures that can be delivered quickly.
Caroline Williams CEO Norfolk Chamber of Commerce said: “It is imperative that infrastructure delivery must become a top priority across government. With the utilities and developers both waiting for each other to take the investment risk, it is essential that the government finds a way to unlock investment in infrastructure and get confidence back into the business community.”
Key Chamber priorities:
- Incentivise private-sector investment in infrastructure to support development of key infrastructure projects including road building and housing.
- Cuts in business taxation including NIC to be considered
- Introduce a firm timetable for the launch of a credible British Business Bank
- Freeze business rates for three years. Ministers must cancel the 2.6% rise scheduled for April
- Triple the lifetime limit for Entrepreneurs Relief on Capital Gains Tax from £10m to £30m which would encourage businesses who want to expand and reinvest their profits.
- Expand support for companies exporting to overseas markets to enable new and existing exporters to take advantage of new markets for their products and services.
Caroline Williams continued “These measures would all contribute to boosting confidence. Our own research shows that firms across Norfolk believe they can drive growth this year, but they can’t do it alone. Bold action must be taken now to boost confidence so that businesses can create wealth and prosperity. That means both delivering existing promises and taking radical action today, not tomorrow.”
Ian Hacon Vice President of Norfolk Chamber and MD Blue Sky Leisure said “I would say that a NIC holiday is great way to encourage jobs. On funding, despite poor performance on Funding For Lending(FFL) to continue with FFL and Small Firms Loan Guarantee scheme for foreseeable future would be important. We need to continue to work with banks to try ensure it is properly allocated to the right clients”
Norfolk Chamber Board member Jonathan Cage and Managing Director, Create Consulting Engineers Ltd said: “The most important thing that I would like to see is any measure which increases consumer confidence. I don’t necessarily believe that it is the lack of finance that is stopping people from making growth decisions. It is the confidence that there is actually a market out there for the additional products, goods and services if you expand. We have a large number of SMEs who I am sure would like to grow and have the skills and motivation to do so. They are however all concerned about pressing buttons.
Confidence is achieved by promoting positive messages and ensuring that a clear message and strategy is developed for long term economic stability. The government should not be drawn to any major radical changes where again we are not sure what the outcome will be. Instead it needs to give stability and certainty with mechanisms to reward businesses and companies who are prepared to give it a go.
What I think can be done without much money is to get a positive message being issued to the world that Britain is open for business, which has to be in every bodies interests. This is not the time for political squabbling.”
