The Chancellor set out her plans to boost growth at the Regional Investment Summit in Birmingham yesterday (21st October).
Commenting on the Chancellor’s speech, Chris Fletcher, Policy Director at Greater Manchester Chamber of Commerce, said: “Much of what the Chancellor announced today - particularly the intention to reduce business costs by cutting back on legislation and red tape - will be welcomed by the business community especially if it helps to speed up the delivery of critical infrastructure projects. The investment commitments within the UK are also encouraging and should support the government’s broader growth agenda.
“However, with the upcoming Budget looming, many businesses remain anxious about the possibility of further tax increases and subsequent price hikes.
“While streamlining administrative processes is certainly beneficial, most businesses are more concerned with issues such as reducing employment costs to make hiring more affordable and driving steady, sustainable sales growth. Long-term investment is essential for the health of the national economy, and the government’s ambition in this area is commendable. Yet for many businesses, the immediate priority remains managing the everyday costs of operations.”
Shevaun Haviland, Director General of the BCC, said: “These new investments must drive the partnership between government and business to a new level, as we work together to power up our regions.
“To boost economic growth, we have to leverage the skills, talent and innovation of every town, city and place. A thriving network of businesses across England, Scotland, Wales and Northern Ireland, will ensure we can all prosper and hit our goal of becoming the fastest growing economy in the G7.
“At its heart, growth must be driven by local communities and the firms within them.
“Business has always understood this. Creating strong regions with powerful links between them creates more opportunities for everyone.
“Modern and efficient infrastructure is also a key part of this equation – transport networks, energy grids, digital connections and other utilities must effectively service businesses wherever they are located.
“That cannot happen without an effective and efficient planning system, that is sufficiently resourced and balanced so that this development is properly nurtured.
“Plans to cut the cost of regulation are also welcome, but firms must be consulted so any initiatives have maximum impact. Now is the time to boost growth, and changes like this can help to unleash the innovation of UK PLC.”