Pat Doody, Chair of the Greater Lincolnshire LEP, gives his response to today's statement by Kwasi Kwarteng, Chancellor of the Exchequer.

We welcome today’s budget announcements; however we still need to absorb the details of the Chancellor’s statement today to understand the impact it will have on people and businesses in Greater Lincolnshire.

But it is clear that this is in no way a ‘mini-budget’, but rather a full-blown tax cutting budget bringing about a reduction in taxation of around £45 billion. There’s good news for working people on Income Tax, on the reversal of a planned increase in National Insurance and on energy bills, and Corporation Tax cancellation.

We must now use this opportunity to make it count and bring growth to Lincolnshire, and embrace initiatives such as Investment Zones.

However, for many businesses in our area the Chancellor’s statement does not give the certainty on energy costs they need to grow and invest in the long term.

We would have liked to see a more fully formed growth plan targeting the drivers of growth such as investment in skills, innovation and investment. 

We will wait to see whether this radical tax-cutting statement has the desired effect in kick-starting growth in the UK economy.