"Damage limitation" is the best the sector can hope for from chancellor Jeremy Hunt's autumn statement, according to trade body beam.
Hunt is set to give his much-anticipated autumn statement on Thursday 17 November, which he has already acknowledged will include decisions of "eye-watering" difficulty, including spending cuts and tax rises.
Ahead of the statement, Simon Richards, treasurer of beam and MD of Convenus, said that the events sector should not be expecting any positive news from Hunt.
“Our industry has to
hope that the autumn statement causes limited damage rather than expect any
good news," he said.
“The Chancellor’s downbeat comments in advance suggest that
we should expect tax increases and spending cuts rather than support, even for
industries like this struggling to recover from the effects of the pandemic,
rising energy costs and talent shortages.
“The end of energy cost support has already been publicised.
The best I think our members can hope for is that councils will not increase
business rates when free to increase Council Tax, and that as small business
owners, the expected higher tax on dividends will not add too much more on top
of the higher Corporation Tax rate.
“We’re hoping for damage
limitations.”
