Stewart Dunn, Hampshire Chamber Chief Executive, said: “There were a number of measures that should help to create jobs and stimulate economic activity. The headline changes to stamp duty will inject much needed vibrancy into the property market.
“At the same time, the abolition of employers’ national insurance contributions for younger employees could play a vital role in skills investment by giving more businesses the financial leverage to take on apprentices and young graduates. This is something, along with business rate reform, that we have long been campaigning for and we are pleased that the Chancellor has finally listened.
“On business rates, we stand ready with colleagues across the chamber network to participate in the structural review that he has announced. In the meantime we welcome his move to double small business rate relief for another year and to cap inflation-linked increases. The £1,500 increase in the rates discount for shops, pubs and cafes will also help the high street.
“On other measures, businesses will be pleased with the freezing of fuel duty while small and medium sized enterprises will be able to take advantage of the extension of tax credits for research and development.
“Overall, this was a welcome Autumn Statement against a backdrop of lower unemployment and borrowing compared to recent years.”
John Longworth, Director General of the British Chambers of Commerce, also welcomed the focus on reforming business rates. He said: “This iniquitous tax is sapping good companies’ strength year after year, long before they make a single penny in profits. The review must deliver fundamental change to the business rates system. Tinkering at the edges is simply not acceptable when good companies have to scale back their growth ambitions because of out-of-control rates bills.”
