Bath business leaders have reacted to Chancellor Jeremy Hunt's Autumn Statement.
Ed Rimmer, pictured, chief executive officer of Bath-headquartered alternative funder Time Finance, welcomed the business tax relief.
"What businesses needed from today’s Autumn Statement were conditions for growth and while there is clearly more to be shared on the Chancellor’s measures to boost businesses, there is cause for businesses to sit up and take notice.
"The Chancellor hailed his tax relief package for business investment as the single biggest business tax cut in modern British history, maximising business investment, increasing productivity and boosting GDP. This is a measure the OBR (Office for Budget Responsibility) predicts will create £3bn investment a year.”
He said while this was very welcome news, tax was not the only barrier for businesses looking to invest.
“There are many businesses that simply don’t have the working capital to invest in growth,” he added. “The Chancellor suggests that this business tax cut will prevent the need for borrowing, which simply isn’t realistic for businesses, many of which are still battling high overheads.
“If the Chancellor wants businesses to grow, increase productivity and contribute to GDP, he must recognise that borrowing to invest is a viable business strategy, albeit one that will certainly be boosted by this tax relief package."
David Williams, senior office partner at global accountancy group KPMG in the South West, welcomed a number of the business measures. 
“The £2bn and £975m announced for automotive and aerospace manufacturing respectively could go a long way to shoring up these sectors in the South West, helping them continue to expand and mitigate ongoing challenges such as talent recruitment and retention,” he said.
“And, as a major provider of local jobs and having struggled since the pandemic, the region’s hospitality industry will welcome the news that the Chancellor will extend the 75% business rates discount for hospitality, retail and leisure businesses.”
“Plans to launch a new scheme that will train the next generation of science and technology venture capitalists, as announced in the Autumn Statement text, should come as positive news for the South West’s broad range of innovators.
“The region is home to some of the UK’s foremost research and development specialists and academic institutions, so we have no shortage of expertise and bold ideas. The challenge for our innovators has been securing the investment they need to help scale their concepts, so the Chancellor’s plans to respond to these needs will be welcomed.”
