Prosper Spring

THIS IS THE BLACK COUNTRY: RESPONSE TO BUDGET
Partner Budget event
offers instant response
to Chancellor’s plans
The Chancellor of the Exchequer’s much
trailed ‘return to work Budget’ was placed
under the microscope at a special This is
the Black Country event hosted by Crowe
UK. The Chamber’s business partners
offered instant analysis and reaction as the
details were revealed.
Neil Anderson, Director of External
Affairs at the Chamber said that while there
was some good news, the Chancellor
missed a lot of the targets set him by the
British Chamber of Commerce. “With
recruitment still a big issue, two-thirds of
businesses planning to raise prices due to
cost pressures and almost half saying
paying energy bills will be difficult, going
into the Budget, the British Chambers of
Commerce had set out its principal asks.
These included easing the pressure on the
labour market by making childcare more
affordable to cash-strapped parents,
reform to business rates systems and
helping businesses become more energy
efficient.
“Although there were some positive
announcements, including good news
around childcare and for the over-50s to
combat labour shortages, we were
disappointed to see reforms which could
have created the climate for greater
innovation and investment.
“Trade was not mentioned once by the
Chancellor, an oversight given exports are
‘‘
“The Chancellor’s four
pillars to drive growth were
all good, but I’d really like to
have seen a fifth ‘E’; help
for energy for businesses
‘‘
a big driver of economic growth.
“We hope that the Black Country will be
a beneficiary of the proposed Investment
Zone in the West Midlands and the roll-out
of future UK Shared Prosperity initiatives
will be targeted and make a meaningful
difference”.
“What was very pleasing was to see a
mention of an industrial strategy again, a
concept that has been absent from both
rhetoric and actions of Government for so
very long,” said Johnathan Dudley,
Managing Partner, Crowe UK
“Confidence will get savers investing and
spending, so the announcement of 12
more Investment zones, each with £80
million of funding with ‘generous tax
incentives’, does smack of a strategy.
Incentives for innovation through R&D
reliefs were interesting, to a point; industry
types seem limited though and there is
little sign of a let up in the attacking of R&D
for SMEs that he announced back in
October.
“The introduction of full capital
expensing relief for all businesses sounds
great but most SMEs enjoy this anyway
with £1m per year already available.
“What is encouraging is the continued
investment in defence, carbon capture and
nuclear energy – but only if the investment
is made and kept in the UK.
“The Chancellor’s four pillars to drive
growth were all good, but I’d really like to
have seen a fifth E; help for energy for
businesses – because it’s those businesses
that employ the people who pay the taxes
and who continue to enjoy a rebate in their
domestic bills.”
Pictured at the
This is The Black
Country Budget
response event are,
from left, Richard
Ferguson of Higgs
LLP, Richard Bourne
from Pertemps,
Neil Anderson from
Black Country
Chamber and
Mark Evans from
event hosts Crowe
34 PROSPER SPRING 2023