Calls to stop tax rises, cut red tape and reform business rates were among the wishes expressed by local business leaders when they met Nick Timothy — MP for West Suffolk — at his first business forum meeting recently. You can see coverage of the business forum in the Newmarket Journal below.
More than 20 of those who own and run businesses in West Suffolk attended to give their views on the economic and commercial environment, and on what the Government should do to help businesses thrive.
Other bodies represented included the Love Newmarket Business Improvement District, the Suffolk Chamber of Commerce — the largest independent business forum in the county — and the Eastern Powerhouse, which champions economic growth, investment in skills, innovation, and transport to increase regional productivity.
One attendee said the system of business rates was a huge hindrance to business and needed to be reformed.
Others pointed to the massive amount of red-tape bureaucracy that is part of the application process for business aid, including Farming Equipment and Technology Fund grants — crucial to helping improve productivity — and Research and Development tax credits.
Commenting after the meeting, Mr Timothy said: “This was a hugely welcome opportunity to hear from local business, and for company leaders to meet each other, and share ideas and thoughts.
“What emerged from our discussion was the seriousness with which company executives and owners view the business environment. One manager said the situation was the worst he had ever experienced.
“These are indeed extremely challenging times. Labour’s French-style labour laws will make it riskier and more expensive to take on new staff. And the Jobs Tax — Labour’s increase in employer National Insurance Contributions — will push up costs, hold down wages and cause job losses.
Mr Timothy added: “Other tax rises also bite hard, from the family farms tax and family business tax to the cuts in reliefs for small businesses on the high street. And those affected do not just include small and medium-sized businesses that make and sell products but front-line services such as pharmacies, GPs and hospices.
“I will continue to fight as hard as I can in Parliament for pro-business policies and for better policies on tax, regulation and investment. I look forward to many more such meetings in future.”
If you own or run a local business, or know somebody who does, please do get in touch and join the next gathering. To do so, please email: [email protected]
You can also read Nick’s recent column on this topic which was published by Suffolk News.
