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17

Oct 2022

Business
Business

Harrogate business chief: government's economic credentials 'in tatters'

Published: 17 Oct 2022, 14:51 BST

by John Plummer

Comment

0

David Simister says he can't see Liz Truss surviving and predicts a third mini-budget could be in the pipeline.

collage-maker-17-oct-2022-02-46-pm

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.



Read more:



  • Harrogate district business groups cautiously welcome mini-budget

  • Harrogate district businesses ask police for help tackling anti-social behaviour