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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 <strong>Prosper</strong>ity 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
Budget response from legal sector Nick Taylor, Managing Partner, Higgs LLP, commented: “We were disappointed not to see a wider programme of direct policies announced to offset the rise in corporation tax and the ongoing implications of the cost-of-living crisis, particularly around energy bills. “That said, there is room for cautious optimism when looking at the potential impact on the wider Black Country business community. “The commitment to creating an £80 million investment zone in the West Midlands is extremely welcome news. While the detail will be crucial, the hope is that this scheme will help drive growth, productivity and enterprise in the region. For many of our clients, the ‘full expensing’ policy which allows business to claim 100% capital allowances on investment in machinery and IT equipment will certainly provide some relief from the high costs companies have been forced to bear in recent years. Those two policies in particular appear to offer some hope to businesses in the Black Country.” • Higgs LLP is a Partner in the This is The Black Country campaign Budget response: Top left, Chancellor Jeremy Hunt outlines his Budget, via the big screen at Crowe HQ. Above, Black Country Chamber’s Neil Anderson delivers the Chamber’s view, to our invited audience of Chamber members and guests PROSPER SPRING 2023 35
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