Tudor Price Calls On Jeremy Hunt For Clarity On Lower Thames Crossing And Manston Airport Plans
Tudor Price is calling on Chancellor Jeremy Hunt to work in partnership with firms to develop a sustainable growth plan for the country – including a reform of business rates.
In addition, it is demanding the government remove uncertainty over key transport schemes for the county – among them the multi-billion pound Lower Thames Crossing.
The spring Budget is due to be delivered in the Commons next Wednesday and could be the last fiscal set-piece before a General Election is called.
Now the Kent Invicta Chamber of Commerce, which represents firms across the county, has joined its partners at the British Chambers of Commerce (BCC) in calling for a “grown-up conversation” with ministers as to the nation’s business direction.
Tudor Price, Chief Executive of the Kent 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.”
The Kent Invicta Chamber is echoing the BCC’s call for a number of key steps.
They include for ministers to 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.
In addition, they want the VAT registration review to be restarted with a view to removing the existing “cliff edge” of £85,000 and for the government to reform business rates to make it a tax that incentivises growth. It also wants a new internationally competitive tax-free shopping scheme.
The Kent chamber also wants the government to remove uncertainty over delivery of the new Lower Thames Crossing east of Gravesend, the dualling of the M2 to the Port of Dover, and the on-going saga of 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.”
