Commenting on the Chancellor’s Autumn Budget Statement, Suzanne Wylie, Chief Executive, Northern Ireland Chamber of Commerce and Industry (NI Chamber) said:
“While businesses acknowledge the need to stabilise public finances and support investment in public services, the alarming acceleration of the tax burden on businesses is deeply concerning. In the absence of material growth, this will add to already high business costs and is likely to impact confidence and investment intentions.
“For businesses in Northern Ireland, there are further unknowns. While the additional £1.5 billion in funding for the region is welcome, we need the NI Executive to move promptly to publish its draft budget so that we can start delivering greater certainty for people and businesses here too.
“The Chancellor announced a wide range of initiatives designed to incentivise economic growth across the UK in high growth sectors like defence, aerospace, life sciences and clean energy. We must ensure that Northern Ireland gets its fair share of this.
“The news that the pause in funding for City & Growth Deals in Causeway Coast & Glens and the Mid South West has been lifted is welcome news. So too is confirmation of £270 million for capital investment, which must be directed towards tackling acute infrastructure challenges like wastewater and decarbonisation.
“We will take time to study the detail and practical implications of this complex budget, and the associated corporation tax roadmap.”
