Great to be on the BBC and my favourites Smooth & LBC on Budget day
There was not a lot in the budget for business. Firms across the region will be thinking that there could have been more. The cut in National Insurance will provide a boost to staff who are still feeling the effects of the cost of living crisis but that wasn’t matched by the same kind of help for companies.”
There was very little for our manufacturers and construction businesses, who are still feeling the pinch from the rising costs that they faced over recent years. It was a similar story for hospitality.
One of the most positive announcements for companies across the region wasn’t a policy change but the fact that inflation is expected to fall to less than two per cent in the next few months as this will, hopefully, have a stabilising effect on businesses and give them a platform from which to grow.
As with every budget and fiscal event, it is often the case that we learn more when the detail emerges but I think it is fair to say that the initial reaction from businesses was fairly muted.
The economy slipped into technical recession at the end of 2023 and, while that isn’t anticipated to last very long, more is going to be need to build sustainable economic growth.
Reacting to the Chancellor’s Budget, Shevaun Haviland, Director General of the BCC, said:
“Following the Autumn Statement this Budget was always set to deliver less for business although changes to National Insurance will provide some momentum.
“However, beyond this there were no major announcements to help shift the dial on conditions for business.
“The clock is now ticking to the General Election – and this Budget could be the last fiscal event before voters go to the polls.
“Business confidence is improving but the coming months will remain challenging for many companies. It is vital that the economy remains front and centre of the campaign to come.”
British Chambers of Commerce
Great to hear our Head of Policy Sean Rose on BBC Radio Northampton this evening following the budget announcement earlier today 👇
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