Hampshire Chamber of Commerce has outlined its requests to the government ahead of the Autumn Budget.

Chief executive and executive chair, Ross McNally, said: "We call on the Chancellor to focus on building an economy that attracts investment, nurtures and sustains workplace talent and delivers world class innovation.

"Despite the much-discussed £22 billion public funding shortfall, we are in a period of more stable inflation and lower interest rates than we have seen over recent years.

"These are two of the pivotal factors that should contribute to the stability that businesses and investors need for ongoing confidence.

"Yet, firms currently face one of the heaviest collective tax burdens in history, choking off scope for planning and investment.

"Rachel Reeves must tackle the huge upfront costs of doing business in the UK. Adding any further cost pressures now would be totally counterproductive to developing a thriving economy.

"We call on her to make good on the government’s manifesto commitment to introduce meaningful, lasting reforms to the business rates system. An obvious starting point is to help property-intensive retailers and hospitality providers by announcing an extension to the business rates relief currently only available until the ‘cliff edge’ of April 2025.

"At the same time, there should be a reassurance that the full-expensing system of capital allowances for investment in plant, machinery and IT will remain in place. This would be a move welcomed by many firms keen to manage cash flow while they plan and invest in new projects and technology. They include many of our members here in Hampshire working in sectors such as manufacturing, life sciences and clean tech.

"We welcome the government’s pledge to cap the headline rate of Corporation Tax at 25% for the rest of this parliament, but other much-trailed prospective tax rises, for example on Capital Gains Tax (CGT), need to be carefully balanced with the need to maintain confidence for investment. Already we have seen worried business owners hurry to get deals over the line before CGT rates go up or exemptions are removed."

The 'Unlocking Hampshire’s Green Potential 2024' conference will take place at Apollo Hotel, Basingstoke on Thursday, November 7 from 9am to 1pm.

For more details, visit hampshirechamber.co.uk/events.