Statement from NI Chamber : Chancellor’s Autumn Statement

Commenting on the Chancellor’s Autumn Statement, Ann McGregor, Chief Executive, Northern Ireland Chamber of Commerce and Industry (NI Chamber) said:

“Businesses will hope that today’s Autumn Statement will provide much needed stability following a period of significant turmoil, but more is needed from the government to build business confidence.

“The Chancellor has a difficult balancing act and whilst taking action to stabilise public finances is needed, greater clarity is still required from the UK government on how it intends to support businesses with future energy costs and drive better growth. From getting to grips with the tight labour market to driving innovation, there is so much more that can be done to provide NI businesses with the support they need to grow and export.

“Time will tell whether the Chancellor’s statement will provide the stability required for the UK economy as a whole. With additional funding for Stormont announced today, the need for an Executive could not be clearer. One in five businesses here are merely covering costs, so as well as taking difficult decisions to balance the fiscal challenges associated with tackling acute pressures facing public services, we need Stormont up and running to support businesses to not just survive, but grow.

“Despite all the challenges and the tough messages in the Chancellor’s statement, we must not forget that Northern Ireland has enormous potential as we transition to a low carbon economy. A functioning Executive could do a lot to unlock that potential by taking action on areas like planning, skills and regulatory reform.  The time for that action is now.”

Reacting to the Chancellors Autumn Statement Retail NI Chief Executive Glyn Roberts said:

“Our members are facing a perfect storm of cost challenges from Energy, Business Rates and a major downturn in consumer spend. It is disappointing that there was very little further support in the statement for local small businesses struggling to keep the lights on”

“The freezing of the threshold for employer National Insurance is a stealth tax on small businesses and jobs and will result in higher costs”

“We note the Chancellor announced a £13.6 billion package of business rate support for small businesses in England. We will be lobbying for the Barnett consequential of this to provide rates relief to struggling small traders In Northern Ireland”