SHROPSHIRE Chamber of Commerce said there was much for the county to welcome in Chancellor Rishi Sunak’s autumn budget.
The claim was made by its chief executive Richard Sheehan after Mr Sunak presented his budget to the country on Wednesday.
He believes that there is enough in the budget to support businesses in Shropshire.
“With rising energy costs, higher raw material prices, mounting debt as a result of the pandemic and tax increases due, many firms are facing a cashflow squeeze,” he said.
“So some of the measures which have been introduced ton Wednesday afternoon will certainly be welcomed.”
Mr Sheehan said the 50 per cent one-year discount in business rates for the retail, hospitality and leisure sectors would make a significant difference to many Shropshire companies.
Also, with petrol prices at record highs, he said the freeze and cancellation of the planned rise in fuel duty would be viewed as some small comfort to drivers.
“There is no doubt that the eight per cent cut in Universal Credit taper rate for those who are in work will also make a significant difference for the county’s lowest paid workers,” he said.
“While businesses support the minimum wage (increase), the size of this increase will cause concern, especially with so many smaller firms already struggling.
“There is a limit to how much more firms can continue to absorb rising costs before they have to raise their own prices adding to inflationary pressures.
“We believe it is therefore vital that companies are not faced with any further up-front costs for the remainder of this Parliament.
“If businesses are to lead our economic recovery, they need room to breathe, time rebuild their finances, and the confidence and capacity to invest, including in the training and development of their people.”
Mr Sheehan added: “We have just revealed the results of our latest quarterly economic survey, and one of the biggest ‘fear factors’ among Shropshire business is rising inflation.
“So there will clearly be some concern at the Chancellor’s comments that the current 3.1 per cent rate – already the highest for a long time – is likely to rise further before a predicted fall. This needs to be closely monitored.”