Business group urges Chancellor to outline 'sustainable growth plan'

20 Feb 2024

The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the Spring Budget to outline a 'sustainable growth plan'.

It said the government must work in partnership with business to develop a plan to help firms combat 'multiple economic crises'.

The BCC's Quarterly Economic Survey for quarter four of 2023 revealed that many firms are seeing no improvement to sales, cashflow or investment.

Commenting on the matter, Shevaun Haviland, Director General of the BCC, said: 'The Chancellor has shown he is in listening mode. At the Autumn Statement we were pleased to see Full Expensing made permanent and business rate relief. The Budget is an opportunity to build on that good work and further accelerate help for business.

'Our latest research shows that many SMEs are struggling because of business rates, and are limiting their expansion plans because of the VAT threshold. The Chancellor should use his statement next month to announce plans to make rates fairer and restart the VAT registration review.'