Chancellor’s mini-budget: ‘The devil will be in the detail of these proposals’

The chief executive of Northern Ireland Chamber of Commerce and Industry has warned that the Chancellor’s mini-budget ‘must strike the right balance between tackling immediate pressures, driving reform and providing for a sustainable future’.

Commenting on today’s mini-budget announcement, Ann McGregor, said some ‘moves to target certain business costs’ were ‘welcome interventions at a time of critical need’.

However she continued: “Businesses will welcome the Chancellor’s pledge to focus on economic growth.

"Inevitably, the devil will be in the detail of these proposals, but they must strike the right balance between tackling immediate pressures, driving reform and providing for a sustainable future.

“Moves to target certain business costs, including reversing plans to increase corporation tax and national insurance are welcome interventions at a time of critical need.

"Reversing the planned increase in corporation tax will be crucial for local firms competing on the island of Ireland in particular.”

Highlighting the increasing need to a restore the NI Executive, the Northern Ireland Chamber of Commerce and Industry chief, added: “But today’s announcement just underlines the need for a restored Executive to respond in parallel to protect businesses and unlock sustainable growth locally.

"We need an Executive that can take urgent action on priority issues like reforming business rates, tackling the productivity gap and transforming the planning system to enable green growth.

"That, combined with resolution on the NI Protocol will help restore much needed business confidence.”