BUSINESS groups have welcomed the Chancellor’s Autumn Statement.

Chairman of the Stroud and Cotswold Branch of the Federation of Small Businesses, Russell Warner said that there was some good, encouraging news in the Autumn Statement.

He said: “We particularly welcome the further extension of Small Business Rate Relief which is critical for many SME's.

“Many small companies operate on very tight margins so this relief isn’t just a bonus it is essential to their survival and prosperity and we would love to see the relief made permanent.

“Elsewhere we are also very pleased to see further investment in apprenticeships.

“Many local firms complain they just can’t get the staff they need so by taking on enthusiastic apprentices they can get the people they require backed up by well-focussed external training and support.

“The news of the huge increases in investment into road and house building- and other infrastructure projects - is also welcomed and we sincerely hope the Government will make an effort to ensure that small businesses get their fair share of the work involved," he said.

“And, talking of infrastructure, the announcement of significant increases in flood defence spending will, I am sure, be welcomed by many businesses in Gloucestershire – and of course by all of us who actually live here too.

“Finally the FSB has long campaigned for a major reform of business rates and the news that local councils will get to spend all their locally-raised business rates in the future is also a very interesting development.

“As with all these types of announcements made at the dispatch box, the devil will of course be in the detail but generally I think small businesses will give a cautious welcome to the statement and will wait with interest to see how the policies unveiled actually pan out in the coming weeks and months.”

Chief executive of GFirst LEP, David Owen, said that he felt the Chancellor’s announcement brought good news to Gloucestershire’s business landscape.

He also welcomed the news that the South West has the highest employment rate in England.

“The Chancellor said during his statement said he wants to put our national security first and recently announced during a visit to Cheltenham’s GCHQ the creation of a new cyber innovation centre in Cheltenham.

“This is promising news for the local job market, and will hugely complement the new cyber security training centre that has been allocated £3 million from GFirst LEP in the Gloucestershire Growth Deal, to be built at the Gloucestershire renewable energy, engineering and nuclear skills centre at Berkeley.

“The Chancellor made it clear that Government is keen to hand back power to local communities in his speech, encouraging news for Gloucestershire’s work towards devolution.

“Our bid for devolution outlines how Gloucestershire would benefit from the simplification of decision making from devolved powers, and where we can utilise the opportunities that arise to lead business support and growth in Gloucestershire.

“We are in a great position to draw on the strength of relationships between the Local Enterprise Partnership and local businesses, as well as work towards further work streams included in the bid, transport and infrastructure, health and social care and community safety.

"We hope to hear more on Gloucestershire’s devolution bid in the coming months."

Mr Owen also encouraged businessmen and women in the county to continue making connections which would eventually lead to growth in the economy.

He said: “To create a stronger Gloucestershire we need to continue to work with the thriving business community in the county.

“Over the last three weeks we’ve been engaging closely with Gloucestershire’s businesses through a series of local networking events, bringing over 250 local business people together to learn more about local projects, and giving them the opportunity to make business connections locally."