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26
Nov
LIVE: Harrogate businesses react to Chancellor’s Budget
Chancellor Rachel Reeves has announced her Budget today, which includes powers for a tourist tax and a range of tax and spend measures.
Ms Reeves said the policies announced as part of the budget were “fair and necessary”.
The Stray Ferret will bring you reaction to the Chancellor’s announcement, including comments from local business groups from around the Harrogate district on how they feel it will affect the local economy.
You can follow our coverage below.
2.04pm - 'Stability can lead to sustainable growth', says Knaresborough chamber
Peter Lacey, of Knaresborough and District Chamber of Trade, said the Chancellor's announcement on changes in businesses rates should benefit some of the town's businesses.
However, he added that there was still much to understand from today's Budget statement.
He said:
Knaresborough & District Chamber of Trade recognise the current challenges for local businesses.
However, as the dust settles on the Chancellor’s budget we welcome the proposed changes in business rates that should benefit the smaller high street businesses on which our town relies. In addition, as Chamber begins its new Community Wealth Building project with medium to larger companies in the area, we’re also pleased to see funding that will make training for under-25 apprenticeships free for SME’s and would hope that this will continue to encourage local companies to recruitment of local young talent into their businesses.
No doubt there will be much to understand for businesses in today’s announcements, but most importantly we hope that stability can lead to sustainable growth for local businesses.
1.55pm - Chancellor's Budget statement
Ms Reeves has finished giving her Budget statement to the House of Commons.
Among the headline announcements — much of which was already revealed after an Office for Budget Responsibility report was published in error prior to her speech — included a lifting of the two-child benefit cap, a fuel duty freeze and a new mileage tax on electric vehicles.
Other announcements were:
- Income tax thresholds to be frozen until 2030/31
- A “mansion tax” on homes worth more than £2 million from 2028
- Household gas and electricity cost to be lowered through cuts to green levies, which will cost around £2.3 billion
- Powers for mayors to levy a tourist tax
- "Salary sacrifice" pension contributions above £2,000 will face National Insurance from April 2029
- Lower rates for 750,000 retail, hospitality and leisure properties, which will be funded with higher rates on properties worth £500,000 or more.
We will bring you reaction from business organisations across the Harrogate district this afternoon.
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