Kent business leader hopes for minimal impact in new Spring Statement
"No news is good news," says Chamber of Commerce chief
As Chancellor Rachel Reeves prepares to deliver the Spring Statement on 3rd March 2026, Tudor Price, Chief of Kent and Invicta Chamber of Commerce, expresses hope for minimal changes, emphasising that "no news is good news" for businesses in Kent.
The Spring Statement will set the scene for the Government's tax and spending plans, and provide an update on the country's finances.
A hike in national insurance contributions in last year's Autumn Budget has put "considerable strain" on local businesses.
This Spring Statement hopes to see major fiscal alterations avoided.
Chancellor Rachel Reeves previously announced an increase in the rate of employers' National Insurance Contributions from 13.8% to 15% in effect from 6th April 2025.
Businesses in the area are also bracing for the impact of increases in business rates effective from the 1st April.
The Employment Rights Act, and increases to national minimum wage, are also collectively increasing pressure on employers.
Mr Price hopes the Chancellor's Spring Statement will not introduce further financial burdens during what he describes as "headwinds" impacting the business community.
"The more of a non-fiscal event this is, the better for the business community," Mr Price said.
He expects the Spring Statement to provide some economic stability and hopes for calmness during a time of geopolitical unrest:
"Many businesses are also affected by disruption and unrest in the Middle East, affecting prices and overheads" says Mr Price.
Following the Chancellor's statement just after midday on 3rd March, The Office for Budget Responsibility (OBR) will publish its latest estimates on growth, inflation and other economic indicators.