‘Nothing to get excited about’ Business leader’s damning analysis of Jeremy Hunt

Jeremy Hunt’s Autumn Statement “took baby steps” to grow the economy but overall was “tepid” and will leave Britain “relatively poorer”, a business leader has warned.

John Longworth, a former Brexit Party MEP now chairman of the Independent Business Network of family businesses, has warned that Mr Hunt has failed to make up for a “wasted year” in his Autumn Statement but conceded it does have measures which will start to help the economy.

In a damning assessment, Mr Longworth claimed that too much time had been lost trying to justify the economic reasons given for removing Liz Truss from power and replacing her with Rishi Sunak.

He warned that businesses will continue to struggle despite 110 measures on so-called supply-side reforms and a massive tax cut made permanent to encourage them to invest more.

Speaking to Express.co.uk, Mr Longworth warned that even some welcome measures like increasing the minimum wage will put a strain on some businesses trying to break even.

Mr Longworth said: “The Chancellor has taken baby steps in the right direction, but let’s not get too excited.

“Having wasted a year to justify the politics of power, at last, the Chancellor has come clean that tax cuts promote business and growth and has acknowledged the importance of growth to prosperity and public spending.

“Poor forecasting by the BoE and the OBR failed to recognise the underlying strength of the economy and the inevitable fall in inflation, which has little to do with the Chancellor and PM.”

He went on: “The increase in the minimum wage, although a welcome boost for workers will put pressure on family businesses and can only be paid for by higher prices, loss of jobs or a curb on investment, the very thing the Chancellor says he wants to encourage.

“The continuation of targeted reliefs for investment in plant and machinery is to be welcomed, but why not reverse the Corporation Tax hike and extend the reliefs to commercial property.”

However, Mr Longworth said there were measures to be pleased about in the Autumn Statement.

He said: “Investment in apprenticeships in manufacturing and tech is a positive step provided the monies don’t disappear into the bottomless pit of quango land and the education system.”

However, he pointed to the figures which showed that growth is projected to be underwhelming at best.

He said: “The predicted ambition for growth remains tepid and will result in the UK continuing to become relatively poorer.

“A radical boost through business tax cuts, real deregulation, access to investment finance and support for exports is what is needed.”