Business bosses’ lukewarm welcome
Business bosses in the North East have given Chancellor Rishi Sunak’s budget a lukewarm welcome.
The North East Chamber of Commerce says it welcomes some elements of the budget and spending review – questions remain over long-term issues.
Jonathan Walker, policy director, said :“The Budget had some welcome announcements for NorthEast businesses but our wait for along-term levelling up strategy goes on.
“In the near term, we were pleased to see Government had listened to our campaigning on the need for support for the hospitality, arts and culture sectors as well as our regional airports which were so badly hit by the pandemic.
He added :“However, substantial longer-term strategies like the Levelling Up White Paper,the integrated rail plan and details on how the Shared Prosperity Fund will work, have yet to see the light of day.
"Without these plans, it is difficult to judge how much of a long term impact the levelling up agenda will have on our economy.
“We would also like to have seen further support for exporters as international trade is so crucial to our economy.”
Tony Danker, CB I Director General, said :“The Chancellor has shown a genuine willingness to listen to business with measures that will get firms innovating and help the economy to grow but isn’t bold enough to deliver the high investment, high productivity economy the Government seeks.
“On Business Rates, the Chancellor made real strides in making the system more palatable for businesses in the shorter term but the hard truth is that wholesale reform to unlock investment was rejected today.”