Teesside and North East businesses set out budget expectations
The Chancellor is delivering his spring budget later
Businesses across Teesside and the North East have been setting out what they want to see in the spring budget.
The Chancellor is making an announcement later.
Joanne is from Stanley Best Bargains and said: "We'd like to see cleaner streets, better business rates and cheaper rent. Reducing the cost of living would help a lot. Stanley's a deprived area anyway so it would help massively.
"Better business rates would help us expand a lot more and help a lot more people, so it would be really good. The high street needs a revamp and more money needs to be spent on it."
Mark Casai is from the North Yorkshire Chamber of Commerce and he said: "Huge and fully costed and timetabled programme for transport infrastructure would be very, very welcome but I'd like to see a lot more around measures that can encourage and incentivise businesses to invest, which is a big problem that we've got at the moment. There isn't the confidence there to do that.
"I'd like to see a more progressive tax system introduced and something that's going to make Britain a bit more competitive globally again. We're really struggling at the moment with import and export, not just as a consequence of Brexit but due to a number of things. I'd lieke to see Britain really become a global economy powerhouse that it once was."
The Chancellor's Spring Budget
The Chancellor will today deliver a Spring Budget that will deliver a long-term plan for growth in the United Kingdom.
Since the Prime Minister set out his five priorities for the government last year, the Government says inflation has more than halved from 11% to 4%, the economy has recovered more quickly from the pandemic than first thought, and debt is on track to fall.
The Government adds that thanks to the stability their economic plan has brought, the country is now at a turning point but there is more work to do to bring inflation down further.
Jeremy Hunt will highlight the government’s focus on the long-term decisions needed to strengthen the British economy and give people the opportunity to build a wealthier, more secure life for themselves and their family.
The Chancellor is expected to say:
“In recent times the UK economy has dealt with a financial crisis, a pandemic and an energy shock caused by a war on the European continent.
“Yet despite the most challenging economic headwinds in modern history, under Conservative governments since 2010 growth has been higher than every large European economy - unemployment has halved, absolute poverty has gone down, and there are 800 more people in jobs for every single day we’ve been in office.
“Of course, interest rates remain high as we bring down inflation. But because of the progress we’ve made because we are delivering on the Prime Minister’s economic priorities we can now help families with permanent cuts in taxation.
“We do this not just to give help where it is needed in challenging times. But because Conservatives know lower tax means higher growth. And higher growth means more opportunity and more prosperity.
“But if we want that growth to lead to higher wages and higher living standards for every family in every corner of the country, it cannot come from unlimited migration. It can only come by building a high wage, high skill economy. Not just higher GDP, but higher GDP per head.
“And that’s the difference with the Labour Party. They will destroy jobs with 70 new burdens on employers, reduce opportunities by halving new apprenticeships and risk family finances with new spending that pushes up tax.
“Instead of going back to square one, our plans mean more investment, more jobs, more productive public services and lower taxes – sticking to our plan in a Budget for Long Term Growth.”
Mr Hunt will go on to warn:
“An economy based on sound money does not pass on its bills to the next generation.
“When it comes to borrowing, some believe there is a choice between responsibility and compassion. They are wrong.
“It is only because we responsibly reduced the deficit by 80% between 2010 and 2019 that we could generously provide £400 billion to help families and businesses in the pandemic.
“The Labour Party opposed our plans to reduce the deficit every step of the way. But at least they were consistent.
“The Liberal Democrats supported controlling spending in office, but now want to prop up a party after the election that will turn on the spending taps. It’s the difference between Labour with no plan and the Liberal Democrats with no principles.
“But we say something different.
“With the pandemic behind us, we must once again be responsible and increase our resilience to future shocks. That means bringing down borrowing so we can start to reduce our debt.”