Autumn Statement: Chamber calls for roadmap to boost business

The Chancellor must use his Autumn Statement to create a clear roadmap for businesses and lay foundations for sustainable growth, business leaders said today.

Ahead of Jeremy Hunt 's statement, which is expected at lunchtime today, Greater Birmingham Chambers of Commerce is calling on the Chancellor to make a number of key announcements which will boost business confidence.

The Chamber is urging Mr Hunt to:

• Offer clarity on the support the Government will provide to the most vulnerable businesses to help them pay their energy bills beyond April
• Scrap the scheduled rise in the Business Rates multiplier which is linked to September 's CPI rate of 10.1 per cent
• Introduce flexibility in the Apprenticeship Levy and incentivise investment in human capital
• Offer financial incentives for businesses exploring low carbon technology adaption
• Reaffirm commitment to delivering 'once in a generation ' projects such as HS2 in their entirety
• Offer financial support for SME exporters to help them expand their overseas reach
• Maintain R&D tax credits for SMEs but reform the rollout to ensure a greater number of firms benefit from the scheme

Raj Kandola (pictured), head of policy at Greater Birmingham Chambers of Commerce, said: “The Chancellor and PM have both laid the groundwork on the type of fiscal consolidation they will look to implement as the UK economy enters a period of recession.

“However, a weaker economic picture should not detract from the need to create a roadmap for businesses that will set out a plan which is credible, fiscally responsible and provides the foundations for sustainable growth.

“Freezing business rate rises and offering financial support for those businesses struggling to pay their energy bills beyond the Spring is going to be absolutely essential given the fact that many firms risk being crushed under the pressure of the cost of doing business crisis.

“In addition, tackling the deep-rooted issues within our labour market is vital if we are to fill vacancies, raise productivity levels and help our businesses expand and grow.

“Data from our latest Quarterly Business Report reveals the extent to which firm level investment has taken a hit in light of the current economic context - it would be ill-advised for the Chancellor to scale back on R&D investment in order to make short term cost savings.

“The financial markets responded abruptly to the now infamous mini-Budget in September and we would urge the Chancellor to remind the world that Britain remains very much open for business and investment - that means backing game changing projects such as HS2 in full given the broader economic benefits it will bring to our region and beyond.

“We appreciate there 's no quick fix in such a precarious situation, however, an opportunity exists for the Chancellor to use the Statement to bolster business confidence and reassure businesses they remain at the heart of an ambitious agenda. ”

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