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BCC and TVCC respond to Budget 2021

Giving his reaction to the Chancellor’s budgetDr Adam Marshall, Director General of the BCC, said:

“There’s much to welcome in this Budget for business communities across the UK. The Chancellor has listened and acted on our calls for immediate support to help struggling businesses reach the finish line of this gruelling marathon and to begin their recovery. Extensions to furlough, business rates relief and VAT reductions give firms a fighting chance not only to restart, but also to rebuild.

We particularly welcome the massive ‘super deduction’ investment incentive that the Chancellor has put in place for the next two years. This responds directly to our call to encourage those businesses, that can, to invest and grow.

While no business will relish paying higher rates of Corporation Tax in future, the impact of the Chancellor’s tough decision is blunted by the big new incentives for investment, lower rates for the smallest firms, and the extension of Coronavirus support measures in the short term.

This Budget provides reassurance to businesses, provided that they are able to restart and rebuild according to the Government’s road map. If firms face unexpected bumps in the road, the Chancellor must be prepared to take action until the economy is firing on all cylinders again.”

Giving his reaction to the Chancellor’s budget, Paul Britton, Chief Executive of TVCC, said:

“In the Chancellor’s 2021 Spring budget, we see evidence of a response to three principal asks of the Chamber of Commerce on behalf of our business communities. We set out the need to extend COVID related business support measures, avoid immediate and onerous rises in taxation, which would prohibit growth, and called for significant incentives to encourage those businesses, that do have cash, to invest in the UK.

“While there are difficult measures set out in the Chancellor’s speech, they are the building blocks needed to support investment and a return to growth. However, we call upon the Government to do more to facilitate businesses in the South East and our centres of excellence, to contribute to the levelling up agenda and recognise the supply chain benefits across the UK in a successful and global Thames Valley economy.”  

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Sarah Irving

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Direct dial: 01753 870500

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