Businesses in East Sussex have given their response to the Chancellor’s Autumn Statement.
Graham Marley, Chief Executive at the Let’s Do Business Group, said he was 'lukewarm' about the Chancellor's first Autumn Statement. He said, “It was a measured approach which lacked the bombshell moment often delivered by George Osborne, but is probably more appropriate for the economy at this time.
"The highlights for businesses are the extra funding to support export finance and £400m fund to support tech firms through Venture Capital.
“On the flip side, businesses will suffer from increases, albeit marginal, in National Insurance and Insurance Premium Tax. The Chancellor is also removing the Flat Rate VAT scheme which may impact on some businesses.”
Philip Johnson, Director of Locate East Sussex, was 'concerned' by Mr Hammond's speech. He said: “We welcome the Chancellor’s investment into transport and housing and very much hope East Sussex is a beneficiary of this additional funding. However, more support is urgently needed to help job creation within the new communities that are being developed.
“It is important the investment to support 5G and broadband provision goes towards improving coverage and reducing 'not spots' in rural areas, as well as making networks faster. The increase in Rural Rate Relief to 100% is good news for rural communities although it is not clear yet whether this will be extended to all types of businesses or just villages with only one shop such as a convenience store or a pub.”