Lancashire businesses give cautious response to Autumn Budget plans

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Lancashire business leaders have given a cautious response to plans unveiled in the Autumn Budget.

Faced with rising national insurance payments, questions over business rates, the lack of clarity over skills and flexible working rights, the gathered delegates at the Chambers Budget Briefing quizzed a panel of business experts over the contents of this week’s policies.

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Many businesses will have to absorb the costs of paying more national insurance while only a small percentage of firms will escape the hike.

It could mean firms putting a halt of operational costs including recruitment or expansion plans.

Autumn Budget BriefingAutumn Budget Briefing
Autumn Budget Briefing

The Budget Briefing, hosted by the North & Western Lancashire Chamber of Commerce, included a panel of selected county businesses from the service, food, construction and technology sector.

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Some businesses said the Budget was a gamble and left little room for businesses to grow, with others saying plans for future investment would have to be shelved until the economy improves.

Babs Murphy, chief executive of the North & Western Lancashire Chamber of Commerce, said: “This Budget however does very little increase growth and investment for the thousands of SMEs which are the backbone of the Lancashire business community.

“Larger businesses may have to make significant adjustments regarding pricing, staffing, and operational strategies, leading to an uncertain transition period as the market adapts to these changes.

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Autumn Budget BriefingAutumn Budget Briefing
Autumn Budget Briefing

“Businesses were braced for a doom and gloom Budget and while many will see their outgoings increase – with little wriggle room for investment – there have been chinks of light for the smaller businesses.”