Encouraging signs for business in Prime Minister’s speech – Chamber

Business leaders in Greater Birmingham today welcomed Prime Minister Andy Burnham’s focus on growth and business costs in his first Labour Party conference speech as leader.

Addressing the conference in Liverpool yesterday, Burnham made a series of pledges including putting AI at the centre of delivering economic growth, developing closer ties with the EU and bringing down energy costs.

He also revealed plans to remove the state pension triple lock from 2030 to fund a “high quality” National Care Service.

Head of policy Emily Stubbs (pictured) said: “Businesses across Greater Birmingham will welcome much of the direction set out by the Prime Minister at the Labour Party Conference.

“His focus on growth, infrastructure, AI, closer cooperation with the EU and action on energy costs reflects many of the priorities businesses have been calling for.

“There will be particular encouragement from commitments to reduce energy costs, speed up grid connections, strengthen trade links with the EU, devolve more power to local areas and drive wider adoption of AI.

“Many smaller firms will also welcome the removal of VAT on electricity. Together, these are positive signals, particularly at a time when businesses are looking for greater certainty and a stronger platform for growth.”

However, the GBCC warned the announcements come against a backdrop of continued pressure on businesses across Greater Birmingham – adding that next month’s Budget will be a decisive moment for the region’s firms.  

Emily Stubbs added: “Businesses across our region continue to face significant cost pressures.

“Our latest Quarterly Business Report shows that demand remains subdued, investment confidence is weak and many firms are still grappling with rising employment, energy and operating costs.

“That is why next month's Budget will be the real test. Businesses will want to see how today's ambitions translate into practical measures that reduce the cost of doing business and unlock investment.

“For Greater Birmingham firms, that means tackling energy costs and business rates, reducing the cost of hiring, supporting investment in skills and making it easier for businesses to trade and grow.”

Book your place at the Chamber’s Quarterly Business Report briefing for Q3, which will focus on supporting entrepreneurship in Greater Birmingham.