Meon Valley MP Flick Drummond has welcomed further support for business in the Autumn Statement after she spoke to the Chancellor about the issue.
Jeremy Hunt unveiled a series of measures to help businesses including the continued freezing of small business rates relief.
There was also a freeze in small premises multiplier – a move that will save a small shop as much as £20,000. The 75% business rates discount for businesses up to £110,000 a year has been extended for another year. This will save the average pub £12,800.
The chancellor also made full expensing permanent for companies that invest in new equipment and technology. The move should increase annual investment by £3 billion a year and boost productivity.
Another measure Flick asked for was the freeze on alcohol duty that will help local wine producers and pubs.
Initiatives to get more people into work, including helping those who are disabled were also welcomed.
“The Chancellor’s cut to National Insurance from 12% to 10%, maintaining the triple lock and increasing the National Living Wage will rightly make the headlines as it puts money in people’s pockets following a challenging time but the measures to support businesses and business investment are for the longer term and it will stimulate the economy, improve productivity and foster innovation,” said Flick.
“We need to do this if we are to have the economic growth we need to pay for the services we need like the NHS and, even though they are not as eye-catching they are just as important.
“I am pleased with this statement. It had a lot in it and for everyone. The vulnerable have been supported. I very much agreed with the Chancellor when he said we have turned a corner. Inflation is under control, the economy is growing and we are reducing debt.”
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