Shropshire Chamber says Budget lacked 'big decisions' for businesses

Shropshire Chamber of Commerce says the Budget lacked the big decisions required to provide real support to under-pressure businesses.

The Chamber welcomed a group of business leaders to its Telford headquarters to watch the Chancellor's speech and share their views.

Chief executive Ruth Ross said the Chancellor described it as a Budget to give businesses "more breathing space", but added: "I'm not sure businesses will be feeling any of that."

"This was a Budget that tried to send all the right signals to business, but lacked the sort of big calls that would really make a difference. There really wasn't anything in there providing direct support to businesses at all," Ms Ross said.

She said the decision to increase small business rate relief to £18,000 would be welcomed by many retailers in Shropshire's market towns, and said most sectors would be pleased to have avoided any further taxes being added.

"Overall, there was nothing to release the shackles on investment or boost confidence. There is no doubt that many firms will have been hoping for a greater impact," Ms Ross said.

"There were several positive steps outlined, including Founders Relief and significant reductions or the complete removal of business rates for many in the retail, hospitality and leisure sectors," she said.

"Additional funding for AI, increased finance through the National Wealth Fund and British Business Bank will also offer new opportunities for entrepreneurs to start and scale up," Ms Ross said.

"But on the other side, inflation and taxation remain the biggest concerns in Shropshire Chamber's quarterly economic survey, along with concerns over the rising National Minimum Wage. None of that has been alleviated by this speech," she said.

The Chamber hosted a special edition of its Shropshire Business Podcast, bringing together a wide-ranging group of business people to watch the speech and give their reaction.

Shevaun Haviland, director-general of the British Chambers of Commerce, said measures including the announcement of a higher bank surcharge and limited new help on energy bills were "less welcome".

"The Chancellor clearly has a vision of where he wants to take the economy. But the only way this can happen is if he gets behind business by cutting their costs. Unless that happens then the stronger economic performance we all crave will prove elusive," Ms Haviland said.

"We would have liked to see a wider range of businesses benefitting from energy support and business rates reform, and more action to tackle the youth unemployment crisis," she said.