Chancellor's budget will be 'make or break' for Black Country business
Business confidence in the Black Country has dipped
Business leaders in the Black Country have told us the Chancellor's budget could be 'make or break' for local business.
The Black Country Chamber of Commerce said business confidence dipped after Rachel Reeves' budget last year (2024).
What was announced in last year's budget?
Businesses in the Black Country were hit with rises in National Insurance contributions, as well as an increase in the National Living Wage and Minimum Wage for 18-20 years olds.
Sarah Moorhouse, Chief Executive at the Black Country Chamber of Commerce, said those announcements were a blow to business:
"It felt like a tidal wave and that they did not have time to plan or prepare. Exciting things like investment had to be put on hold, whether that was on people or equipment," she said.
Sarah Moorhouse said the Chancellor has a golden opportunity to announce support for businesses in today's budget (26th Nov):
"Businesses need the Chancellor to show that she understands them, by not raising taxes. Last year's budget took the wind from their sails and they have struggled to find momentum ever since.
"The Chancellor must seize this opportunity and deliver a pro-growth agenda. We have a lot of optimism in the Black Country, but it has been tested," she said.
What do Black Country businesses want?
Sarah Moorhouse told us specifically what businesses would like to see announced...
- Support on exports and skills
- Commitments on infrastructure being delivered
- Energy pricing plans to be followed through
'I need our Chancellor to support me'
Sarah Moorhouse told us she is worried businesses in the Black Country will not handle more tax rises:
"This year's budget will be a make or break moment really. We have some fantastic businesses here; I want to support them as much as I can, but I need our Chancellor to support me," she said.
Chancellor Rachel Reeves is expected to announce her budget at midday today (26th Nov).