Shevaun Haviland, Director General of the BCC, has said the Prime Minister was right to take action to try and calm market volatility and return stability to the economy.
Lizz Truss sacked Chancellor Kwasi Kwarteng and appointed Jeremy Hunt in his place, while also announcing she would reverse plans to scrap a planned rise in corporation tax from 19% to 25%.
It comes just days after another u-turn following the Government’s mini-budget where it was confirmed plans to scrap the top rate of income tax would also be ditched.
Ms Haviland said: “We have been calling for the Government to urgently address market volatility, return stability to the economy and give business some certainty to plan.
“Firms will always prefer a lighter tax burden, but they are most concerned about upfront costs, such as National Insurance Contributions and energy bills.
“These are the issues that are keeping them up at night, alongside rising inflation and interest rates.
“The BCC fully supports a strategy for growth, that lets businesses thrive and support their communities but returning stability to the economy must be the immediate priority.
“To do this the Government must quickly set out a longer-term plan to prove it is serious about helping businesses through the difficult months ahead. Time is of the essence.”
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