Commenting on the Chancellor’s Fiscal Statement, Nova Fairbank, Chief Executive of Norfolk Chambers, said: “Norfolk businesses will welcome many of the measures announced today that should boost economic growth, relieve cost pressures and encourage investment. “The announcement to reverse the increase to National Insurance Contributions (NIC) is a big win for the British Chambers of Commerce and the business communities across the UK. This is much needed support for companies during these difficult times. “Firms will also be glad to see the Annual Investment Allowance made permanent. It is a crucial tool which gives them the confidence to push ahead with investment, and will add greater certainty to their plans, now we know it is guaranteed to remain. “Business wants to create the wealth that funds Government spending, and plans for Investment Zones, and steps to encourage new funding in our growth industries have the potential to do just that. “Investment Zones could also finally deliver on the Government’s long-standing promise to level up, if the scheme is truly UK-wide. But lessons must be learned from the past, otherwise they can simply displace growth and investment from one area to another without creating new economic activity. “This is a bold start, but is still looking at the short term, when businesses need certainty and stability to plan their future investment. We now await further detail on the reforms the Treasury have announced, to see if this will develop into a comprehensive long-term economic strategy. “All eyes will also now turn to the forecasts by the Office of Budget Responsibility in the autumn for reassurance on public finances.” On the repeal of IR35, she added: “We welcome this decision. It will allow workers and business owners to have more flexibility, ease skills shortages and ultimately create a more flexible labour market.” On VAT free shopping for overseas visitors, she said: “This is a measure the BCC has been calling for. International inbound tourism is a vital part of the UK economy, supporting people and places, especially industries such as hospitality.” Image credit: Chambers Canva Pro 2022
