The Chancellor’s Spring Statement included measures aimed at addressing skills shortages, reforming planning, and simplifying procurement processes. While some businesses may benefit from these changes, challenges remain, particularly with rising costs and a downgraded economic growth forecast.
Jack Weaver, Chief Operating Officer, Norfolk Chambers, said:
“It is disappointing that the Chancellor didn’t take this opportunity to offer an olive branch to the business community, especially after October’s budget that felt like a raid on the very people on whom so much of the government’s growth aspirations depend.
“The improving picture on inflation is welcome, so too is the confirmed investment in addressing skills and training needs, which our members consistently tell us is a major barrier to growth. Likewise, the work underway to reform planning and unlock development is a positive step, even though the economic and business growth benefits of those measures will take time to come through.
“Investment in defence and the simplification of procurement processes could benefit some in the relevant supply chains, but with the OBR halving the growth forecast from 2% to 1%, this will come as little comfort to Norfolk businesses.
“As we look to next week when businesses face a hike in NI contributions and an increase in minimum wage, this Spring Statement will have minimal positive impact on how businesses feel right now.
“Looking ahead, we need action from the government to reset the UK/EU trade relationship, minimise the costs and complexity for businesses from the Employment Rights legislation and give more certainty about when we can expect the tax burden on business to ease.
“Norfolk businesses will, as ever, rise to the challenge and continue to be the backbone of our local economy. But we need this government to meet them halfway and create the right conditions for them to grow.”
