Business West responds to Chancellor’s emergency statement

Commenting on the Chancellor’s emergency statement on the mini-budget, Phil Smith, Managing Director of Business West, said:

‘Employers and businesses will be relieved that the most important aspects of the mini budget for jobs and skills in the South West has been retained by the new chancellor’s emergency statement today, with the cut to National Insurance progressing as planned.

“Firms look to the Government to provide a stable environment for investment. Today’s cancellation of £32bn of unfunded tax cuts, plus substantial tightening of the energy price support beyond Spring 2023, seems to have been well received by the markets which will help keep business borrowing costs and foreign exchange rates on a more sustainable footing than otherwise.

“Our recent Quarterly Economic Survey found that only 9% of the 400 businesses which responded feel confident in the nation’s economic prospects while record numbers of firms are worried about inflation, and this was before the turmoil which followed September’s mini budget. 

“Many concerned firms have approached us in financial distress from unprecedented headwinds caused by political and market instability and international financial credibility.

“We therefore welcome the measures introduced today which we hope will lead to increased business confidence and greater economic stability which is the bedrock for business investment.”