Philip Hammond’s first, and coincidently last, Autumn Statement was a responsible package that will reassure local businesses in Herefordshire and Worcestershire, according to the Herefordshire and Worcestershire Chamber of Commerce (HWCC).

They said that a gloomy opening saw growth predictions cut but measures announced in the statement to boost infrastructure and productivity will help support business confidence.

They believe that this was a statement dedicated to recognising the importance of infrastructure in creating a global Britain, highly competitive and ready to seek opportunities following Brexit.

The Chamber is delighted to see the fuel duty rise cancelled for a seventh year in a row, saving the average car driver £130 and van driver £350 per year. This will be extremely helpful for small companies and the self-employed in the two counties, who have already been hit in recent months by rising fuel prices and for whom transport and distribution costs account for a significant proportion of their cost base.

HWCC welcomes the news of the National Productivity Investment Fund (NPIF) which will provide £23bn of additional spending to ensure that the UK economy is fit for the future, in areas such as; transport, digital communications, R&D and housing.

By increasing resources for local, regional and national infrastructure, the Chancellor will help boost local business confidence. It is critical, however, that these upgrades begin without delay.

The Chamber of Commerce is also pleased to hear the Chancellor commit a further £1bn worth of investment into full-fibre broadband and trialling 5G, with the ambition of Britain being a leader in 5G connectivity.

Despite positive steps with infrastructure investment, businesses will be disappointed to see a 2% rise in Insurance Premium Tax (IPT), from 10% - 12%. This makes a critical safety net for businesses much more expensive, as insurers pass down their costs.

Sophia Haywood, Policy Executive at Herefordshire and Worcestershire Chamber of Commerce, said: “It is right that the Government should focus on developing first class infrastructure, locally and nationally, and investing in productivity to ensure success during the uncertain times ahead.

“However, I am concerned about the lack of emphasis on exporting and recruitment, issues which are at the forefront of businesses minds.”