Northampton business leaders issue a ‘call for clarity’ amid budget confusion

Business leaders in Northampton have issued a “call for clarity” amid growing concerns over the growing confusion in Westminster as the Government finds itself in the midst of an economic minefield.

Chancellor Jeremy Hunt today ditched almost all of Prime Minister Liz Truss's tax cuts announced in the Government's mini-budget just three weeks ago, adding to the uncertainty faced by businesses up and down the high street.

The national #BusinessSOS campaign group today (October 17) unveiled its own three-point plan to help businesses, including cutting business energy bills from 20 percent to five percent to match domestic billing, and is urging Government to clarify its position further.

It said: “There is no question that the UK economy requires confidence and stability. The statement provided this morning by the Chancellor will go some way to reassuring over 150,000 retail, leisure and hospitality businesses who are facing the daily dilemma of closure, triggering mass unemployment, which will only accelerate the threat of recession.

“Clarity is still needed on how the Government plans to define the ‘most affected businesses’ when the Treasury reviews future energy support measures. It is vital that the needs of high street businesses are taken into account to ensure over 150,000 businesses do not fall through the cracks once again.”

Mark Mullen, operations manager of Northampton Town Centre Business Improvement District, reiterated the importance of protecting local businesses and added: “What businesses in Northampton need most right now is an end to the worry, the doubt and the uncertainty that surrounds the financial climate.

“We echo this call for clarity and urge the Government to take note of the concerns of the small businesses that make up the fabric and identity of our high streets.

"It is a time for leadership and vision and we will do all we can to represent our town centre businesses and ensure their voice is heard at the very highest level.”

The #BusinessSOS three-point-plan to support ailing businesses:

1. Headline rate reduced from 20 percent to 12.5 percent2. Business energy bills reduced from 20 percent to five percent to match domestic billing3. 100 percent business rate relief until March 31, 2023