Local and national government needs to provide greater clarity on how it is going to support businesses in Northern Ireland, one of the province’s largest business organisations has said.
Reacting to the Chancellor’s Autumn Statement, the Northern Ireland Chamber of Commerce and Industry said there is “so much more that can be done” to help local companies grow and export.
It said Rishi Sunak was focused on stabilising public finances following the turmoil created by September’s mini Budget but building business confidence must also be a priority.
In addition, the business body renewed its call for a return of the Executive at Stormont.
“With additional funding for Stormont announced today, the need for an Executive could not be clearer,” Ann McGregor, Chief Executive of NI Chamber said. “One in five businesses here are merely covering costs, so as well as taking difficult decisions to balance the fiscal challenges associated with tackling acute pressures facing public services, we need Stormont up and running to support businesses to not just survive, but grow.
She said the region has significant potential if it is given the right support.
“Despite all the challenges and the tough messages in the Chancellor’s statement, we must not forget that Northern Ireland has enormous potential as we transition to a low carbon economy. A functioning Executive could do a lot to unlock that potential by taking action on areas like planning, skills and regulatory reform. The time for that action is now.”
Meanwhile, electric vehicle infrastructure company Weev welcomed news in the Autumn Statement that the Benefit in Kind rate for electric vehicles (EVs) will continue at ultra-low levels compared to that for traditional vehicles beyond 2025.
“It provides much-needed clarity for those wishing to switch company cars or fleets to EV, and is a major boost towards helping businesses on the road to net-zero,” Graeme Thompson, Chief Financial Officer at Weev said. “The rate will remain at 2% until 2025, increasing by one percentage point in each of the following three years to 2028, compared to a maximum of 37% for Internal combustion engineered vehicles
“Increasingly, motorists and companies are waking up to the benefits of EV when considering investment in a new car or fleet, driven by the opportunity to reduce carbon emissions and significantly lower energy costs. It is welcome that the government is listening and supporting the transition to EV.”
