Responding to the Chancellor’s Spending Review and Autumn Statement, Caroline Williams CEO Norfolk Chamber said:
“Once again the Chancellor has used the tools at his disposal to create a Statement that the majority of Norfolk businesses will support. The OBR forecasts gave the Chancellor more room to move than was predicted, so this wasn’t the doom and gloom Spending Review that most people anticipated.
“We are delighted that the Chancellor has used this opportunity to listen to business on infrastructure, particularly on repairing our broken road network. This will help move people and goods more efficiently across the county, which will help Norfolk businesses to grow.
“Increasing investment in science and technology is important to our dynamic businesses, especially in our thriving tech sectors, so that they have room to grow. However it is important that the move to replace grants with loans from Innovate UK does not reduce our dynamism in the global economy. Businesses must continue to feel empowered to evolve and expand, otherwise we risk being also-rans in the global race.
“This Spending Review and Autumn Statement was about reducing our budget deficit and reshaping the state. It is right that the Chancellor continues to provide the nation with the headroom it needs to be able to weather the uncertain future without delay. Reshaping the state will in general be beneficial for the economy.
“However there are some things that only government can and should do, markets are imperfect and markets can fail. In those circumstances it is right that government intervenes in the best interests of the economy as a whole.”
