Autumn Statement puts 'really important focus on growth’ say Shropshire business leaders

He also announced changes to National Insurance rates for self-employed business people, and ‘full expensing’ to make many investments fully tax-deductible.

Other headlines included a 9.8 per cent rise in the National Living Wage, a commitment to retain the ‘triple lock’ for pensions, and a 6.7 per cent rise in Universal Credit and other benefits from April.

The Chancellor also said his statement contained 110 measures designed to increase the UK’s productivity.

There was also a £50 million investment pledge over the next two years aimed at increasing the number of apprentices in engineering and “key growth sectors” where there are shortages.

Ruth Ross, Shropshire Chamber’s chief executive, said: “The British Chambers of Commerce asked the Chancellor to focus on key issues that impact business, including planning, full expensing, the energy grid, and business rates.

“We are delighted to see these reflected in his announcement – as well as a commitment to helping to solve issues around late payments, which disproportionately impacts the cashflow of many smaller businesses.”

She added: “A rise in the National Living Wage is clearly good news for lower-paid workers, but we must also be aware that businesses will be looking to pass on part of this by raising prices.

“It is estimated that abolishing class two national insurance, and changes to class four national insurance will save the average self-employed worker in Shropshire around £350 a year, which will be welcomed.

“Our local pubs, and the wider wine and spirits industry, will also be delighted at the freeze on alcohol duty, having taken a battering over recent years.

“Business investment is the lifeblood of local economies, creating jobs and supporting our public services. Smaller firms will be relieved to see a package of measures that alleviate the cashflow problems they face, such as continued business rates relief for hospitality, retail and leisure.”

Ruth added: “While the announcements today signal a step in the right direction for business investment and to stimulate growth, we now need to see the Government move quickly to engage with businesses in the creation of a long-term industrial and green energy strategy.

“This will give the confidence for businesses to invest and make full benefit of the tax deductions announced today.”

Tina McKenzie, Policy Chair at the Federation of Small Businesses (FSB), said: “Jeremy Hunt has today taken very welcome action on late payments, small businesses’ rates, and self-employed taxation.

"Small businesses – and the 16 million people who work for them – are the route to future growth that will raise living standards across the whole country.

“The Chancellor and his Treasury team deserve credit for driving pro-small business change and for listening to and working closely with FSB and its small business members to address the real concerns of businesses – and acting to help build future prosperity."

On business rates, she added: "Size matters when it comes to rates, and the Chancellor is absolutely right to have concentrated his firepower on helping the smallest firms at the heart of so many communities.

“Thousands of pubs, cafés and small shops in high streets across England will be pleased today with the bold, measured and targeted support from the Chancellor to help them through troubled times and build towards growth.

“FSB’s teams in the other UK nations will now be pressing their relevant devolved governments and decision-makers to use any consequential funding to extend similar support to these hard-pressed sectors in their own economies.

“Meanwhile, by acting to help small businesses with premises through freezing the small business multiplier, the Government has prevented an inflation-linked hike for many of those in the supply chain and other sectors too.

“This will also help to make the rise in the National Living Wage more affordable. FSB will work with the Chancellor and the Treasury to take stock of what firms need before the rise comes in."