Small businesses in Cambridgeshire will see stronger economic growth this year, says one group

The appeal comes as 2023 saw inflation remain above the Bank of England’s target of 2 per cent

Small businesses in Cambridgeshire are hoping that the new year will bring lower taxes and stronger economic growth, according to one group.

The appeal comes as 2023 saw inflation remain above the Bank of England’s target of 2 per cent- and interest rates climb to their highest point since February 2008.

“Commitment to small businesses”

Candy Richards is from our region’s rep for the Federation of Small Businesses:

“As we gear up for a general election, what we need to see are all the political parties reinstating their commitment to small businesses- and making sure that they are a key part of their manifestos.

“The VAT threshold for businesses has been at £85k for many years. As costs increase we need to see that rise as well- so businesses aren’t afraid to be growing.

“They need some extra support to do that”

“In 2023 we have seen many small businesses here, close. It’s because the costs of running it has been so high and it means their figures haven’t been adding up.

“Small businesses desperately want to see some economic growth. With 5 and a half small businesses and self-employed people across the UK- they are the catalyst for that. But they need some extra support to do that.”

What’s the Government said?

Chancellor Jeremy Hunt said: the UK economy is “back on the path to healthy, sustainable growth”

“The only way that we can make life better for families who are working very hard and feeling that they are in our cost-of-living crisis, the like of which they hadn’t seen for many, many years, is to get the economy growing sustainably.

“And that means you have to bring down inflation, and that’s why the Prime Minister’s main pledge at the start of this year was to halve inflation. He has more than delivered that.

“Once you do that, once you do the hard work to squeeze inflation out of the system, you can start looking forward to the kind of growth that will see people’s wages going up.

“On top of which, when we can, we want to bring down the tax burden so that people keep more of the money that they earn every month.”

Hear all the latest news from across the UK on the hour, every hour, on Greatest Hits Radio on DAB, at greatesthitsradio.co.uk, and on the Greatest Hits Radio app.