NFU Regional Director Robert Sheasby said that making fiscal changes could help boost investment levels and increase productivity.
Mr Sheasby raised the issue during a lunch organised by Ipswich Suffolk Business Club at Kesgrave, Suffolk, where Mr Hammond was the keynote speaker.
During a question and answer session, Mr Sheasby pointed out that only a small number of businesses are incorporated, meaning the majority have not benefited from changes made to corporation tax in recent years.
“Many businesses in Suffolk would benefit from an adjustment that took account of other business structures, in particular partnerships, that would enable greater investment in infrastructure and technology to make businesses more efficient and more productive,” he said.
He asked the Chancellor: “What additional evidence do you need to make fiscal changes that would see greater reinvestment and increased productivity?”
In response, Mr Hammond said partnerships and sole traders had other advantages equal to those enjoyed by incorporated businesses. However, he added that he would welcome suggestions as to how the regulatory framework could be improved for all businesses.
After the lunch, Mr Sheasby said: “This event was a useful opportunity to raise this crucial issue with the Chancellor. The NFU will continue to make the case that changes are needed to boost investment.
“If small businesses are to help Suffolk’s economy reach its full potential, it’s vital that they invest in areas such as new technology and improved infrastructure.”
Mr Sheasby attended the lunch with LinksEast, an organisation set up to promote opportunities for exports and inward investment from the East of England to China.
Other guests included LinksEast Chairman Clarke Willis, LinksEast Director Annie Eaves, British Pig Association CEO Marcus Bates, University of East Anglia Vice Chancellor David Richardson and Port of Felixstowe Finance Director Mark Seaman.
Clarke Willis said: “The opportunity for local business leaders to meet and engage with the Chancellor is important.
“This gave us the opportunity to talk to Mr Hammond face to face and share the vision of the Industrial Strategy and show him that the East of England is up for the challenge.”