Further Reversal of Mini Budget Plans Announced

17 Oct 2022

Published in: Black Country Chamber of Commerce News

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Responding to the Chancellor’s statement

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This morning, the newly appointed Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced a further reversal to elements of last month’s mini budget, going further than many had expected to further calm markets which advised there would be no cuts to dividend tax rates and a repeal of the easing of IR35 rules.  

Many businesses will be concerned that those measures announced look set to strip back energy support from next April. The Black Country Chamber joins British Chamber calls for a commitment from government to a full consultation with firms ahead of that cliff-edge to provide some certainty on where proposed targeted support will go.

The Chancellor will make a statement to the House of Commons later this afternoon where we will hear more details including plans to keep support for the NICs reversal in place.

The Chamber will continue to advocate for its members’ needs and seek a clear, definitive, vision on how the government plans to support firms and the communities across the Black Country who rely on measures and policy decisions which enable them to thrive and succeed.