“Here at the Chamber, under the driving force of Policy Manager Declan Riddell, we have written to the Chancellor of the Exchequer to share our views on the business landscape and outline what our members want to see in the budget.
Before I reveal the contents of the letter, I would like to recommend two fantastic, free events, both organised to help Staffordshire businesses unpack what the budget means for them.
On the evening of the Budget, leading wealth management firm, IronMarket Wealth, will host a Budget Breakdown event at their HQ in Newcastle-under-Lyme.
Wes Wilkes, CEO of NTWRK, and Rob Heath, Director of Wealth will share their first impressions of the budget, offering attendees a unique perspective on the financial changes that the Budget will bring. There’s free drinks and nibbles to enjoy, too! Book your space, here.
The following morning, Dains Accountants are hosting a Post Budget Seminar at the Bet365 Stadium. The event will offer an in-depth breakdown of the Budget, the impacts on businesses and the changes to you and your clients. Secure your space, here.
Both events represent two fantastic opportunities for businesses to stay ahead of the curve while enjoying some open networking.
Now, the letter…
The past four years have been a journey of resilience and adaptation for our global economy. As we emerge from the shadows of uncertainty, it is essential to acknowledge the hurdles that Staffordshire businesses face.
Our most recent Quarterly Economic Survey found that most firms are still not reporting an increase in their investment plans – with less than a quarter of firms actively investing. Fears over high inflation and interest rates, concerns around trade barriers and skills shortages continue to bite businesses. All this against a backdrop of a stubbornly tight labour market.
There was of course the recent confirmation that the UK has slipped into a period of recession. We need clear government financial commitment if the economy is to reverse the decline and start to move forward.
Local authority planning teams are struggling under the strains of heavy caseloads, causing lengthy delays in planning applications. A complete reform of the planning system is long overdue.
The British Chambers of Commerce have partnered with Aviva to establish a five-year-industry-led programme to increase skills and capacity in Local Planning Authorities (LPA). The programme will pay for at least 100 undergraduate and masters level qualifications for people entering the planning industry. We would like to see the Government match the £3m that the BBC is set to raise to ensure that LPA can employ newly-qualified graduates for at least two years.
We also believe that now is the time to accelerate the roll out of electric vehicle charging infrastructure. We need Government to action upgrades to the national electricity generation capacity and the distribution grid to create dedicated charging infrastructure sites across the country.
The 2035 petrol and diesel car deadline is rapidly approaching – we must act now.
I visited the House of Commons earlier this week to discuss the Fifty500 Midlands Growth Corridor – a flagship transport road map that will transform the A50 and A500.
We are urging Government to invest £3m in Fifty500 as we believe it holds the key to generating skilled employment opportunities and enhancing transportation links.
The potential impact is huge. A successful funding bid is anticipated to create 5,000 new jobs and contribute £100 million in gross value by 2030.
Once again, we call for a reform of the business rates system. A quarter of companies recently told the British Chambers that they have changed plans to upgrade or even open premises as a direct result of business rates. It is clear that the business rates system needs to be overhauled and become a tax, which actually incentivises growth and one that better aims to reflect firms’ ability to pay.
Finally, we are calling for a commitment to fund business-led LSIP beyond the current 2025 cut-off period, with an extension of at least three further years to 2028.
We believe that targeted interventions in the Spring Budget can unlock the full potential of our local businesses, fostering an environment where they can thrive, innovate, and contribute to the broader economic recovery.
