Maureen Frost, Deputy Chief Executive of Hampshire Chamber of Commerce, said: “The overall focus was naturally to try and balance the books.
“We welcome the Chancellor’s clarity on a number of measuresthat will help maintain and strengthen business activity in Hampshire.
“These include the cuts in corporation tax, commitment to childcare, the new permanent Annual Investment Allowance and, for some small businesses, lower national insurance contributions.
“The confirmation of 2% of national income going to defence spending every year could safeguard jobs in areas with a large defence sector supply chain such as Portsmouth and Aldershot.
“We also agree with the aim of creating more apprenticeships to address skills gaps in different industries though it remains to be seen what the impact of an apprenticeship levy on large businesses will mean in practice. We remain committed to encouraging all businesses to play their part in developing young people.
“Ring-fencing taxes on cars to fund road improvements is a sensible move, reflecting the acute need to invest in regional and national infrastructure.
“Other measures are less welcome, such as the 3.5% hike in insurance premium tax which applies to all businesses, goes straight to the bottom line and could lead to some businesses reducing cover to offset this.
“We are also disappointed by the lack of announcements on support for exporters and the reform of business rates, both important issues for Hampshire businesses.”
