Chamber Calls On Chancellor To Make It A Budget To Get Kent Growing

With the Budget due next month, Kent Invicta Chamber of Commerce has joined its partners at the British Chambers of Commerce (BCC) in calling on Chancellor Jeremy Hunt to use the opportunity to work in partnership with business to develop a sustainable growth plan.

Tudor Price, Chief Executive of Kent Invicta Chamber, said: “While business confidence has improved slightly, like elsewhere across the country, many firms continue to report no improvement to sales, cash flow or investment.

“Despite Kent having a very entrepreneurial and resilient business community, we know many companies are under significant pressure.

“The Kent and Medway economy is dominated by small and micro businesses, and many are having their growth held back by the constraints of the VAT threshold. Companies are facing increased corporation tax, business rates and the pressures of ongoing inflation on their cost base. What we need is a grown-up conversation with Government on how best to put in place the right conditions for sustainable growth; and the right incentives and investment in infrastructure to establish an environment for growth.”

Kent Invicta Chamber has signed up to BCC’s recommendations to the Chancellor’s Budget submission, which include:

• Government to match industry-led funding of £3m for planning qualifications to help plug the lack of local resource.
• Ministers should commit to fund business-led Local Skills Improvement Plans (LSIPs), including the one covering Kent and Medway, beyond the current 2025 cut off point and to at least 2028.
• The VAT registration review should be restarted with a view to removing the existing cliff edge of £85,000.
• Government should reform business rates to make it a tax that incentivises growth.
• The Chancellor should introduce a new internationally competitive tax-free shopping scheme.

The recommendations have been developed using the findings of the BCC Insights Unit’s first major business survey of 2024 and highlighting the need for urgent action at the Budget. More than four out of 10 (43%) of responding firms with a turnover of less than £85,000 say they are concerned about growing revenue beyond this specifically because of the requirement to pay VAT.

Meanwhile, over a quarter of companies (26%) say they have changed plans to upgrade or open premises as a direct result of business rates.  The survey also found that 38% of responding businesses say they are now paying more following the 2023 business rates revaluation.

Kent Invicta Chamber continues to call on the Government to remove uncertainty over delivery of the new Lower Thames Crossing, dualling of the M2 to the Port of Dover, and Manston Airport.

Tudor Price added: “With the clock counting down to the General Election, next month’s Budget must outline the sustainable growth plan that businesses are crying out for.”

As the only countywide chamber accredited by the BCC, Kent Invicta Chamber is committed to working in partnership with local businesses and local authorities to lobby national government to help tackle economic growth, skills and employment, trade and net-zero.

For further information please contact:

• Andrew Metcalf, Maxim and Deputy Chair of Kent Invicta Chamber of Commerce
• T: 07990 574680
• E: Andrew@Maxim-pr.co.uk