Business growth critical to economy - Chamber

The Chancellor must create a platform that will allow business to grow in his Autumn Budget, business leaders in Greater Birmingham said today.

This follows Rishi Sunak 's first live speech to the Conservative Party conference in which he told members that future tax cuts would be conditional on repairing the UK's public finances after Covid.

Mr Sunak insisted that despite "challenges", Brexit would foster a "culture of enterprise" and help the UK adapt to the modern world.

He also defended raising taxes to pay for the NHS and social care, insisting that it would be "irresponsible" to pay for investment with higher borrowing instead.

Henrietta Brealey (pictured), chief executive of Greater Birmingham Chambers of Commerce said: “Creating the best possible environment for businesses to start, grow and invest is critical to delivering economic recovery.

“The Chancellor 's conference speech included many elements that will resonate with businesses including a focus on skills, AI and innovation while balancing fiscal responsibility.

“Our Quarterly Business Report, the area 's largest regular business sentiment survey, clearly demonstrates the recruitment, trade and inflation related challenges facing local organisations.

“The Chancellor will need to go much further at the Autumn Budget to demonstrate he is committed to creating an entrepreneurial platform which will help businesses expand and grow as we hopefully approach the end of this crisis.

“Local hospitality firms are already counting the cost from the increase in VAT and we can only hope that the Chancellor uses the Budget to set out meaningful reform of the business rates system which for far too long has acted as a drag on company level investment. ”

Key points from Mr Sunak 's speech:

• A £500m expansion of Government action to tackle unemployment and support job seekers following the end of furlough
• Within this package, an extension of the Kickstart scheme - which provides funding to create new jobs for 16 to 24-year-olds at risk of long-term unemployment - until the end of March.
• Extension of a Job Entry Targeted Support (JETS) scheme - for those who have been unemployed for more than three months - by another year; and he is extending a Youth Offer of guaranteed support for all young people on Universal Credit until the end of 2025.
• Extension of the £3,000 incentive for firms to take on apprentices until the end of January; he will expand support from work coaches for those on Universal Credit; and the Chancellor will prioritise those who have left furlough and are looking for work on Universal Credit through the Job Finding Support service until the end of December.
• The package will also include a new offer for those aged over 50, with better access to information and guidance on planning for later life for those in work, and more intensive, tailored support for those who have lost their jobs.

Click here to read about the Chamber 's hospitality campaign

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