The chief executive of Harrogate District Chamber of Commerce has said the government’s economic credentials are in tatters after today’s emergency statement.

David Simister cautiously welcomed last month’s mini-budget for containing measures to stimulate growth.

He said at the time scrapping the rise in national insurance and reversing the increase in corporation tax was “good news for businesses large and small”.

But Mr Simister was less complimentary about today’s statement by Chancellor Jeremy Hunt, which reversed almost all tax cuts besides national insurance.

Mr Simister said:

“This is a massive U-turn, and the government’s economic credentials are in tatters.

“In the Kwarteng mini-budget there were some real positives for business, cutting corporation tax, reducing national insurance, and reforming off-payroll (IR35) rules. Only the NI reduction has stayed.

“If Mrs Truss goes, and I really can’t see her staying the course, I wonder if there will be a third mini budget in as many months?”

The chamber, which was founded in 1896, supports local businesses and lobbies on their behalf.

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