General
Ross McNally, Hampshire Chamber Chief Executive and Executive Chair
Published: October 25, 2024 | Updated: 25th October 2024
Ahead of the autumn budget next Wednesday, Hampshire Chamber of Commerce has set out its wish list for government action.
Ross McNally, chief executive of the chamber, is calling for the chancellor to focus on ‘building an economy that attracts investment, nurtures and sustains workplace talent and delivers world class innovation’.
“Despite the much-discussed £22 billion public funding shortfall, we’re in a period of more stable inflation and lower interest rates than we’ve seen over recent years,” he added.
“These are two of the pivotal factors that should contribute to the stability that businesses and investors need for ongoing confidence.
“Yet firms currently face one of the heaviest collective tax burdens in history, choking off scope for planning and investment.
“Rachel Reeves must tackle the huge upfront costs of doing business in the UK.
“Adding any further cost pressures now would be totally counterproductive to developing a thriving economy.”
The chamber has recommended an extension to the business rates relief currently due to end in April 2025, as well as reassurance that the full expensing system of capital allowances for investment in plant, machinery and IT will remain in place.
“We welcome the government’s pledge to cap the headline rate of corporation tax at 25 per cent for the rest of this parliament,” Ross continued.
“But other much-trailed prospective tax rises, for example on capital gains tax (CGT), need to be carefully balanced with the need to maintain confidence for investment.
“Already we’ve seen worried business owners hurry to get deals over the line before CGT rates go up or exemptions are removed.
“The government must also maintain a dedicated focus on sustainability and green innovation.
“On the eve of our free-to-attend annual conference, Unlocking Hampshire’s Green Potential, we call for incentives, tax reliefs, grants and other initiatives to help companies engaged in green technology, carbon reduction, renewable energy and other environmentally friendly activities.”
Ross also called for a national skills strategy to reflect the ongoing work of business-led local skills improvement plans (LSIPs) like that of the Solent and Enterprise M3 areas, which have put millions of pounds towards Hampshire’s further education sector.
“More widely, a long-term national partnership on skills involving government, business and education provider will support recruitment and retention for all employers, whether they’re in the business, charity or public sectors.
“We stand ready to work in partnership with government to help our members and fellow businesses overcome the challenges they face and together grow the economy.
“A competitive business tax landscape and support for skills and innovation are essential ingredients for job creation, productivity and growth so that Hampshire and the rest of the UK can compete in global markets.”
