Business leaders back Chancellor’s Autumn Statement
Jeremy Hunt's autumn statement proved the Chancellor understands the needs of Britain's wealth creators, business leaders say.
Last week he unveiled 110 initiatives to boost business investment by Ā£20 billion within ten years.
It followed a period of uncertainty following Liz Truss's mini-budget last year, and comes as Labor pursues business and financiers.
Hunt's flagship initiative, which he claimed was the largest corporate tax cut in modern British history, made the 'full spend' regime permanent.
This allows companies to recover the costs of investments in equipment and machines. For every Ā£1 million invested, Ā£250,000 is deducted from your tax bill in the same year.
Approval: Last week, Chancellor Jeremy Hunt (pictured) began wooing the city ahead of next year's election by unveiling 110 pro-growth initiatives to boost investment
Martin Sorrell, the executive chairman of the agency S4 Capital, praised Hunt's “targeted” reforms, such as the permanent UK capital investment tax credit and the cut in national insurance tax. He said: 'It shows he's taking it seriously.'
Other measures included a Ā£50 million commitment to invest in skills, and plans to accelerate the planning process.
Hunt plans to boost foreign investment, open AI innovation centers and end payment delays for small businesses.
Business Secretary Kemi Badenoch has unveiled a Ā£4.5 billion manufacturing plan to boost the industry.
And on Monday, Prime Minister Rishi Sunak announced almost Ā£30 billion in investment pledges.
Airbus UK chairman John Harrison said: 'It gives companies like us the confidence to innovate and invest.'
Fhaheen Khan, economist at Make UK, which represents manufacturers, said Hunt āunderstands the needs of the industry and is committed to developing a strategy to drive investmentā.