COVENTRY Commerce leaders say the Chancellor Kwasi Kwarteng’s ‘mini-budget’ will be a ‘welcome boost’ to firms in the region- but warn a long-term plan is still needed.
Coventry and Warwickshire chamber of commerce chief executive Corin Crane said the support announced on energy bills earlier this week coupled with the fiscal statement has come as a ‘big relief.
The statement included reversing National Insurance and corporation tax increases and the Annual Investment Allowance will remain at £1million.
Mr Crane said businesses were facing an ‘incredibly tough autumn and winter’ but hoped the announcements would help.
“I’ve spoken to so many businesses across Coventry and Warwickshire and there was a huge amount of fear as we were approaching this autumn with prices and inflation spiralling.
“We have been calling for support on energy prices and for the Government to cancel the National Insurance rises so we are very pleased that they have listened.”
The government said it is talking with 38 local and mayoral authority areas in England to set up Investment Zones within specific sites in their area.
Each Investment Zone will offer targeted, time-limited tax cuts for businesses and planning rules to release more land for housing and commercial development.
Mr Crane added: “Investment Zones will only have a positive impact for businesses in this region if we manage to secure one for the patch so I was pleased to see the Gigafactory at Coventry Airport included in the documentation as being under consideration.
“We need to turn that into a reality and I’ll be working with other stakeholders in the region to help make that happen.”
