Derry Chamber CEO Anna Doherty says Kwarteng mini-budget fails to address business pressures

The Interim Chief Executive of the Chamber of Commerce Anna Doherty has said British Chancellor Kwasi Kwarteng's mini-budget fails to address the pressures facing Derry businesses in a 'targeted way'.

Anna Doherty
Anna Doherty

Ms. Doherty said local businesses need greater clarity about how energy relief schemes designed for Great Britain will work in the north.

She has called again for local political leadership and the formation of an Executive in Belfast.

“Today’s Mini Budget largely represents a swathe of tax measures but fails to address the scale of pressures facing businesses and non-domestic users in a targeted way. It is disappointing that this week’s announcements of energy relief schemes for both businesses and households have not been built upon.

"Businesses are seeking clarity as to how these schemes will apply on a local basis, where our energy markets are different than in Great Britain," said the Chamber Interim CEO.

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VAT reductions are one measure that would help, she said.

“The Chamber has been pressing the need for practical solutions to the rising costs facing businesses, including a reduction in VAT to 17% and for the reduced tourism and hospitality VAT rate to be reinstated for businesses that rely on household disposable income. The North West’s business community has shown huge resilience to this point, but requires a level of concerted assistance to get back on its feet.

“Of course, a functioning Executive is needed to tailor supports for business according to our local needs. It’s crucial that we see political leadership coming to the fore to assist local business at this time of crisis ahead of what looks to be a challenging winter ahead.”