FSB NI reacts to Autumn Budget and Spending Review 2021
Following the statement by the Chancellor of the Exchequer, Rishi Sunak, Head of FSB Northern Ireland, Roger Pollen reacts to the tax and spending commitments outlined earlier today.
Commenting, Roger Pollen, said:
“A new lower rate of duty on internal UK flights is positive and will serve as a boost for connectivity between Northern Ireland and Great Britain.
“Plans to reform alcohol taxes and freeze fuel duty will be particularly welcome for certain sectors, while the extension of the higher limit on the Annual Investment allowance to April 2023 will hopefully incentivise business investment.
“Vital too is expanded funding for the British Business Bank, which will mean £70 million of investment for SMEs in Northern Ireland. This is much needed to create a more conducive environment for business start-up, with our business birth rate lagging behind our counterparts in Great Britain.
“It was disappointing that government has not yet taken steps to reduce the cost of employment, particularly at a time when many firms are struggling with additional costs.
“Our call for an increase in the Employment Allowance to £5,000 would have made a real difference to efforts to increase wages, retain staff and create jobs.
“Some of the positive measures brought forward by the Chancellor, such as a cut in business rates or support for childcare providers, do not apply to Northern Ireland, as these policy areas are devolved.
“We would encourage the Northern Ireland Executive to follow the Chancellor’s lead in this regard and take much needed action in these key areas which are within its responsibility.”