News
21 Mar 2022

Spring Statement: Chamber's six-point plan to help firms tackle cost pressures

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The Chancellor must use this week 's Spring Statement to help businesses tackle unprecedented cost pressures head on, business leaders said today.

Ahead of Wednesday 's Spring Statement, Greater Birmingham Chambers of Commerce has issued a six-point plan it would like to see Rishi Sunak introduce in a bid to help firms cope with soaring costs.

Reports this morning suggest Mr Sunak is set to cut fuel duty in a bid to stave off a cost of living crisis, after petrol and diesel prices reached record highs over the past fortnight.

The GBCC is calling on the Chancellor to take the following actions:

  • Introduce an energy price cap for businesses
  • Provide SMEs with energy grants
  • Introduce additional support for energy efficiency
  • Delay planned National Insurance rises for a year
  • Continue reform of the business rates system
  • Extend the VAT reduction for hospitality businesses

Raj Kandola (pictured), head of policy at Greater Birmingham Chambers of Commerce, said: “Often viewed as a minor fiscal event in relation to the Autumn Budget, the crisis in Ukraine coupled with the escalation of the cost of living crisis means the importance of the Spring Statement has been elevated to a whole new level.

“Whereas as the Chancellor has preached the importance of fiscal rectitude over the previous few months, the ongoing fallout from Covid-19, rocketing levels of inflation and sky-high energy bills means businesses are facing unprecedented cost pressures - as early analysis from our latest Quarterly Business Report survey reveals.

“Right now, we need the Government to act decisively and tackle these issues head on - implementing our six-point plan would give businesses the breathing space they need to get back on their feet and plan ahead with a modicum of certainty.

“As always the Chamber will be on hand to provide a full breakdown of the announcements made on the day and the potential impact they are likely to have businesses in the region. ”

Find out more of our asks from Government ahead of the Spring Statement.

Book on to the GBCC 's upcoming Q1 Quarterly Business Report Launch event which is taking place on 27 April and focusses on Investment in Greater Birmingham.

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