Businesses in Coventry and Warwickshire left wanting more from Chancellor's budget

Coventry and Warwickshire Chamber of Commerce held a budget roundtable with a cross section of businesses in the area

Author: Lia DesaiPublished 7th Mar 2024
Last updated 16th Apr 2024

Business leaders in Coventry and Warwickshire believe there was very little for firms in the Chancellor’s Spring Budget yesterday (6 March).

The Chancellor, Jeremy Hunt, announced reductions in National Insurance by two per cent, froze duty on fuel, and enhanced support for childcare to encourage more people back to work.

Other announcements included alcohol duty being frozen and investment in creative and green industries.

Corin Crane, chief executive of Coventry and Warwickshire Chamber of Commerce, said there was little for business.

He said: "The cut in National Insurance will provide a boost to staff who are still feeling the effects of the cost-of-living crisis, but that wasn’t matched by the same kind of help for companies.

"There was very little for our manufacturers and construction businesses, who are still feeling the pinch from the rising costs that they faced over recent years. It was a similar story for hospitality."

He continued: "One of the most positive announcements for companies across the region wasn’t a policy change but the fact that inflation is expected to fall to less than two per cent in the next few months as this will, hopefully, have a stabilising effect on businesses and give them a platform from which to grow.

"As with every budget and fiscal event, it is often the case that we learn more when the detail emerges but I think it is fair to say that the initial reaction from businesses was fairly muted.

"The economy slipped into technical recession at the end of 2023 and, while that isn’t anticipated to last very long, more is going to be need to build sustainable economic growth. We all wanted to see a budget that would support that growth and I’m not sure that’s what we have been given."

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