The Chancellor of the Exchequer, Rishi Sunak MP, delivered his Spring Statement 2022. The key headlines for businesses are:
- 5p cut to fuel duty
- SME’s will receive £5,000 to Employment Allowance
- A wider Tax Plan to support businesses to grow
The Spring Statement falls short of the action we have been calling for over the past few months. While there are some positive announcements that firms will welcome, it did not fundamentally address the huge cost pressures facing member businesses across the country. Nova Fairbank, Chief Operating Officer, Norfolk Chambers of Commerce says “The Chancellor’s Spring Statement will be welcomed by many households, however, there is very little comfort for local businesses. Mr Sunak did nothing to fundamentally address the cost pressures that businesses are currently facing. Whilst Norfolk businesses will welcome the increase in the employment allowance and the cut in fuel duty, these are just a drop in the ocean when they are faced with a tsunami of price increases. “Today was an opportunity to rebuild and renew the economy and Norfolk Chambers would urge the Chancellor to look again at putting in place an SME price cap on energy prices to help employers keep a lid on these costs and protect jobs, thus allowing them to get back to investing and growing our economy.” View the full business support factsheet here.
