Business says Hunt needs to do more on growth

BUSINESS leaders gave the Chancellor’s Autumn Statement a cool response, with complaints about stealth taxes and a lack of support for growth.

CBI chief economist Rain Newton-smith praised Jeremy Hunt for delivering stability and protecting the most vulnerable, but added that “businesses will think there’s more to be done on growth”.

She said: “Businesses will view a freeze in NICS thresholds and further windfall taxes as the sharpest stings in the tail. Firms will also need more detail on what happens with the business energy support scheme in the coming weeks.”

Dr Liz Cameron, chief of the Scottish Chambers of Commerce, said: “The biggest worry facing businesses right now is rising energy prices which have eroded profitability for many sectors.

“Whilst we welcome the Chancellor’s commitment to continue support until April, we need urgent clarity and detail on support beyond that period. We encourage the Chancellor to widen the net of support available to businesses.”

Martin Mcteague, UK chair of the Federation of Small Businesses, said the Budget was a “missed opportunity to avoid further slowdown”.

He said it was “high on stealth-creation and low on wealth-creation” and piled pressure on the UK’S 5.5 million small businesses, employees and customers.

He added: “While tackling inflation is essential, so are measures to create conditions for prosperity, growth and support for enterprise.”

Vishal Chopra, Head of Tax for Scotland at KPMG UK, said: “Attention now turns to the Scottish budget in December. We can expect further tax increases in Scotland as the Government prepares to tackle the recession.”