Essex Chambers’ reaction to Chancellor’s Budget Statement

Essex Chambers’ reaction to Chancellor’s Budget Statement

Commenting on the announcements in the Chancellor’s Budget Statement today, David Burch, Director of Policy at Essex Chambers of Commerce said:-

“As with all Budget announcements the devil is always in the detail but there is plenty for businesses in Essex to welcome from today’s announcements. We have all had a hard time over the past twelve months coping with the Coronavirus pandemic and the Chancellor has listened in some part to the messages given to him by businesses and Chambers of Commerce about what is needed to re-open the economy”

“We welcome the extensions to furlough, business rates relief and VAT reductions that were announced which will help businesses restart and rebuild for the future. Whilst future increases in Corporation Tax are not so welcome these will potentially be offset new incentives for investment and in particular “super deduction” proposal for businesses that seek to invest and grow for the future”

“The announcement of Freeports in north Essex and at the Thames Freeport on the Thames estuary are really exciting and we look forward to seeing how they develop and bring new opportunities to Essex businesses and the local communities they are located in. It was also good to see that Colchester will be one of the recipients of funding from the Towns Fund and we look forward to seeing the benefits that will bring to the town”