Budget response from Dorchester Chamber for Business.

Dorchester Chamber for Business President Peter Greenaway has welcome the budget as good for business.

With the Chancellor listening to long standing calls from the Chamber’s across the UK to change the business rate system, Peter said; “We welcome the new 50% business rate discount in the retail, catering and leisure sectors and promise of a new fairer system to come”.

The budget saw eligible businesses able to claim a discount up to £110,000 a tax cut of nearly £1.7 billion.  Mr Sunak said; “Together with small business rates relief, this means more than 90% of all businesses in these sectors will see a discount of at least 50%”.

All businesses  who pay business rates will benefit from more frequent re-evaluations every three years from 2023 to make the system fairer. Unemployment is expected to peak at 5.2% significantly less than previous forecast of 11.9%and annual growth is set to rise to 6.5% this year and 6% in 2022 both of which are higher than originally forecast by the OBR.

“The forecasts for unemployment were lower than expected and the living wage increase to £9.50 in the months ahead will continue to be key factors across all sectors.

“Extra investment in infrastructure, skills and better access to finance will be key drivers for the economic recovery in Dorset and the investment relief offered to encourage businesses to adopt green technology such as solar panels will assist the county in its green pathway.

“The business community has had a challenging 18 months and the budget has been welcome by members of Dorchester Chamber for Business on the whole” said Peter.

Dorchester Chamber for Business is the local business group offering advice, support and networking for more information and to join or renew your membership click here:   www.dorchesterchamber.co.uk/membership/