REACTION FROM BUSINESS FIGURES IN WEST

REACTION from business figures in the West yesterday was somewhat muted, with many recognising Chancellor Jeremy Hunt faced difficult choices.

Matt Griffith, director of policy at Business West, said: “Although there was less immediate pain than expected, the Chancellor set out rising taxes and pressure on public spending in the medium term, often by freezing many thresholds below record inflation, meaning the growth path for businesses and the UK may be long, rocky, and protracted.

“The statement brings us back from the brink of the sharp rises in interest rates and damage to confidence we saw from the mini budget. The sombre tone of both the Chancellor and the backbenches reflected this.

“There were also small glimmers of light in slightly better projections for growth from the OBR compared to the Bank of England. However, many of the hard choices were postponed, not avoided.

“Disappointingly, there was almost no mention of our region in plans for specifically targeted boosts to local growth.”

Meanwhile Sarah Coles, senior personal finance analyst at Bristolbased Hargreaves Lansdown said the 5 per cent rise in council tax will be painful for millions.

She said: “Ever since the government highlighted the massive shortfall in care funding, pledged to fill it with extra National Insurance, and then u-turned on the hike, we’ve been waiting to see how this particular black hole was going to get filled. It turns out that taxpayers will be coming to the rescue, with the biggest hike in council tax since 2018.”