Commenting on the Budget, delivered today by the Chancellor of the Exchequer, Nova Fairbank, Head of Policy, Governance & Public Affairs for Norfolk Chamber said:
“The good news included: boosting of the Annual investment Allowance to £1 million, which will help stem the weakening in business investment, as a result of Brexit uncertainty; a package of support for high streets to adapt, including a reduction by a third in rates for those retailers paying an annual rental of £50,000 or less; and those employers seeking skills improvements will benefit from a 5% reduction in apprenticeship levy.
“However, whilst the Chancellor announced that the era of austerity was coming to an end, overall schemes and incentives specific to our region, in comparison to other UK areas, were in short supply.
“There is still no indication of when the broken business rates system will be overhauled and no specific funding to support full mobile coverage along our key transport corridors which would be a crucial step to improving digital connectivity and productivity for businesses.
“We need the fundamentals fixing, such as the long overdue dualling of the A47, faster more reliable rail, mobile and broadband to enable our innovative and dynamic business community to reach new heights and deliver economic growth and jobs for Norfolk.”
