Budget is a pivotal moment for Greater Birmingham businesses - Chamber

Business leaders in Greater Birmingham say tomorrow’s Budget must restore business confidence by prioritising growth.

Greater Birmingham Chambers of Commerce have described the Budget as “a pivotal moment” for the region’s firms, with businesses stating that last year’s tax rises damaged their momentum.

The GBCC policy team have fed key recommendations into the British Chambers of Commerce’s formal Budget submission.

Among the priorities of the submission are:

• No more taxes on business, alongside reforming business rates and the axing of the windfall tax on oil and gas
• Prioritising infrastructure investment and approval, including more rail projects
• Supporting exports by cutting customs barriers, funding digital trade and backing new trade accelerators
• Taking action on chronic skills shortages – including a wage subsidy scheme for young people with long-term health issues

The submission has more than 60 recommendations in total, based on extensive surveys such as the GBCC Quarterly Business Report survey, interviews with policy experts across the country and input from large corporates.

The GBCC’s latest Quarterly Business Report survey found that business confidence has dipped significantly since Q3 of last year and is now at levels last seen in 2022.

Labour costs remain the most significant factor behind price pressures on Greater Birmingham businesses, exacerbated by the increase in employer National Insurance Contributions announced at the 2024 Autumn Budget.

Nationally, inflation has also remained stubbornly above the Bank of England’s target, while the UK’s goods trade deficit has widened.

Amid speculation regarding potential tax increases in this Budget, business investment has been significantly dampened, with two thirds of firms maintaining their capital expenditure but almost a quarter (23) revising capex levels downwards.

Emily Stubbs (pictured), head of policy at the GBCC, said: “This year’s Budget represents a pivotal moment for many Greater Birmingham firms. Local businesses need the Chancellor to halt further tax rises and deliver a pro‑growth agenda that restores confidence.

“Businesses are the principal engine of economic growth, driving innovation, generating wealth, and sustaining employment.

“And to unlock meaningful growth, they need a tax system that incentivises investment, stronger backing for exports and skills, and firm commitments on infrastructure and energy.

“The 2024 Autumn budget dented momentum, hindered job creation and put the brakes on business investment.

“This Budget represents a critical opportunity to restore business confidence and alleviate fears that investment plans will once again be upended by tax and policy changes.”

Complete our Q4 Quarterly Business Report survey to directly inform decision making by regional stakeholders, national Government, and the Bank of England.

Register your free place at the launch of the Birmingham Economic Review 2025 on Thursday 4 December for a comprehensive analysis of the city’s economy amid the wider geopolitical landscape.