Business Must have a Strong Local Voice - Somerset Chamber of ...

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2013 BudgetBudget 2013 – What might it mean forSomerset businesses?While there is much for business to welcome in theChancellor's budget statement, such as scrapping therise on fuel duty, and putting £3.5bn into helpingbuyers afford new homes, could he have gone furtherto support enterprise and growth, such as scrappingdamaging increases in business rates?With the UK economy at an unprecedented moment inhistory, could the Government be doing more to get theeconomy moving? Many of the Chancellor’s measureswere targeted at larger corporates, and those that willbenefit smaller companies will not take effect until2015, which could be too late for some businesses.Somerset business will in doubt appreciate many of theChancellor's measures, and his personal commitmentto fiscal discipline and support for enterprise, but willwish he had been more radical in the pursuit of growthas he reported that the economy will grow in 2013/14by a paltry 0.6% down from December’s forecast of1.2%.The “Good News” headline stories for businesses are:-Planned fuel duty rise for September 2013 scrapped– saving Somerset hauliers thousands of pounds.The first £2,000 to be taken off all employers'National Insurance bills from April 2015 – takinghundreds of Somerset’s smaller employers out ofemployers NI contributions altogether.Corporation Tax to drop to 20% in April 2014 – a hitwith limited companies, but no effect on the smallersole trader or partnership. Promise of extra £3bn per year for infrastructure –but what might it be spent on in Somerset and theSouth West?Single Pot for local expenditure through LEPs – howmuch, and again, what might it be spent on inSomerset?Limit for the provision of tax free low-interest loansfor employees will be increased from £5,000 to£10,000 from April 2014;Income tax threshold to be raised to £10,000 inApril 2014 (£9,400 in April 2013) – great news foreveryone in employment and self-employment.Beer duty cut by 1p a pint and scrapping of the beerduty escalator making a net saving in 2013 of 4pper pint – great news for the plethora of small microbrewers in Somerset and their consumers!Shared Equity Scheme of up to 20% for new buildhousing – which should also help the house buildingsector“There is much for business to commend inthe Chancellor's statement, from a widerremit for the Bank of England, to measureson fuel duty, home ownership, andemployment. However, many in business willfeel that the government could have goneeven further to support enterprise andgrowth” - John Longworth, Director General of theBritish Chamber of CommerceWhat does this mean to your Somersetbusiness?We welcome your thoughts on the recent budget, let usknow how this will effect your Somerset business.Let us know, email Rupert Cox onrupertcox@somerset-chamber.co.uk4
Hinkley Point Planning ApprovedHinkley Point C go-ahead boostsSomerset’s business credentialsThe UK’s first new nuclear buildfor nearly three decades is a boostfor Somerset as a businessdestination, according to theSomerset Chamber. PlanningConsent to build the two newreactors was approved by Energy& Climate Change Minister, EdDavey MP, and announced to theindustry-sponsored Nuclear NewBuild 2013 Conference on 19 thMarch by EDF’s NNB ManagingDirector, HumphreyCadoux—Hudson.Expected to generate £14billion pounds of investmentover the next decade, the Hinkley Point C developmentfirmly places Somerset on the nuclear map. The nuclearnew build will be looked upon globally as a blueprint forhow nuclear power plants will be built in the future. Thecontribution to the economy will be significantgenerating employment for 25,000 people duringconstruction with 900 permanent jobs created forduration of the 60 years of operation.and investors to Somerset to collectively develop arobust local supply chain supporting the multi-billionproject.”There are still two key landmarks for the project toovercome before the development will commence.Firstly, EDF Energy and the Government have to agreeon the “strike price” for electricity – being a minimumprice that consumers can be charged for the durationof the operation that also needs to take account of thede-commissioning costs. Secondly, EDF Energy have tomake their final investment decision after which therewill be no turning back!Chair of the SomersetChamber, Sandra Wilsonsays, “The Hinkley Point Cproject is a wonderfulopportunity for the Britishnuclear industry and a hugeopportunity for Somersetbusinesses wanting to getinvolved with the project. Itis the most significantinvestment in over ageneration and will be alarger construction project than the London OlympicGames.The Chamber’s Hinkley Supply Chain project is workingtoward inspiring Somerset companies to become“Hinkley ready” and our work with Into Somerset ishelping to relocate international and UK businessesHAVE YOUR REGISTERED YOUR BUSINESS ON THEHINKLEY POINT C SUPPLY CHAIN?WWW.HINKLEYSUPPLYCHAIN.CO.UKPicture: Sandra Wilson, Chair of Somerset Chamber of Commerce5
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