He has also welcomed measures in the Autumn Statement to help hardworking people in his own constituency.
Steve said; "There is good news for people in our area in the Autumn Statement today – the jobs tax on all young people under 21 abolished, real help for the high street, energy bills down, fuel duty frozen, and crucially for us, some rail fare increases frozen. This is all welcome support, but as the Chancellor said in the Commons, the job is far from done.
"We are only able to help hardworking people because we have taken difficult decisions to control spending. We are building a responsible recovery and our plan is working, but we need to keep going and we need to keep creating jobs in the private sector because being in work is the best way to higher living standards."
The MP also welcomed moves by George Osborne to back businesses locally as he set out a package on business rates, including the news that business rates due to increase by 3.2 per cent in 2014/15 will now be capped at two per cent.
The Chancellor also doubled and extended the Small Business Rate Relief scheme which will now run until April 2015 and announced a new discount of £1,000 on business rates bills for two years will be introduced for retail premises with a rateable value of up to £50,000. This includes pubs, cafes and restaurants. For those facing bills lower than £1,000, they will pay no rates at all.
A new reoccupation relief will see businesses that set up in retail premises that have been empty for a year or more receive a 50 per cent discount on their rates bill for 18 months.
Steve added; "As a constituency MP who maintains a constant dialogue with local businesses, I know business rates impose a heavy burden on businesses of all sizes, so I hope these measures will be welcome and local firms will benefit from the package of support.
"My worry is that, while the move on rates is positive, I fear it will not be enough to significantly boost companies' cash flow and investment which is central to confidence in my experience. We have to remember the Chancellor is walking a tightrope because he is still presiding over a modest recovery so I do understand his caution of a more radical move in this area given the huge level of Treasury income rates produce."