Spending review: Reaction from Chamber members

Greater Birmingham Chambers of Commerce members have been reacting to Chancellor Rachel Reeve’s spending review which was announced yesterday.

Here is a round-up of the reaction from a selection of businesses.

David Morris (pictured above), central region market lead, PwC:

"The Chancellor's announcements today underscore the critical shift towards empowering regions with more control and decision-making tailored to local needs, executed by local leaders.

“Notably, the research and development package, which includes up to £500 million for regions across the UK, will significantly bolster the robust manufacturing sector and 'innovation cluster' in the Midlands.

“This funding will facilitate ongoing development, upskilling, and rapid scaling of operations. 

"The infrastructure updates, particularly the advancements in the Midlands Rail Hub, promise to enhance connectivity from Birmingham throughout the West Midlands and beyond. This is encouraging news, as it will further fuel regional growth.

“To fully realise these benefits, a sustained emphasis on equipping our young people with the right skills is essential - the announced additional investment in training and upskilling is vital in achieving this goal." 

Richard Parker, Mayor of the West Midlands:

“This Spending Review backs our ambition to rebuild the West Midlands and unlock opportunity in every community. It’s a vote of confidence in our plan and a moment to invest in our renewal.

“From the biggest boost to social housing in a generation, to billions for new transport links like the Midlands Rail Hub and the East Birmingham Metro extension, the Government is delivering the long-term investment we need to grow our economy and improve people’s lives.

“With new money for apprenticeships and skills, this is a plan for better jobs and a stronger, greener future. Billions in funding for research and development will turbocharge the vital work our businesses and universities are doing in world-leading innovation.

“With help to cut the cost of school uniforms, expand free school meals and upgrade homes to lower bills, it’s a plan for fairness too.

“I welcome investments in automotive, life sciences, digital and aerospace - and a new local growth fund for Mayors.

“Because business and industry is vital to our region's growth, these sectors are our strengths and we know that when the West Midlands grows, Britain grows too.

“Our defence spending will rise, our security strengthened, our public services will be backed and some of the most deprived communities in our country - including right here in the West Midlands - will get the support they’ve long deserved.

“This is what rebuilding Britain looks like. The West Midlands is ready to lead the way.”

Helen Collins, principal, managing director Midlands, National Head of Affordable Housing, Avison Young:

"A £39bn Affordable Homes Programme and a 10-year rent settlement is a game changer – this is the first ever 10-year grant programme.

“Long term certainty creates the platform for driving real momentum in affordable housing and housebuilding generally.

“We know that in the West Midlands, we have more than 64,000 households on the waiting list for social housing and desperately need to build more homes to move families and children out of unsuitable temporary accommodation.

“We know it could take almost five years to clear waiting list backlogs even if no new households join.

“Critically, this investment should unlock more private capital for affordable housing and then overlay LGPS reform, and we have the ingredients for place-based investing at scale.

“Rent convergence, if reinstated, will unlock further capacity for building new homes."