The King’s Speech: A Welcome Commitment to Regional Growth

West & North Yorkshire Chamber of Commerce has welcomed the King’s Speech today as a first commitment to further devolution, infrastructure, and stability for the regional and national economy.

With businesses waiting for political stability and facing a tight labour market, measures put out today set the wheels in motion to unlock investment and create growth in the region.

James Mason, Chief Executive of the West & North Yorkshire Chamber of Commerce, said:

“After a period of stagnation in levelling up, today’s King’s Speech has created a clear commitment towards growth in the regional economy.

“Planning reform is one of the main topics our members tell us about. The measures to reform the system today will hopefully help to deliver the housing and infrastructure desperately needed for a modern economy, and drive connectivity in Yorkshire.

“We welcome the commitment to further devolution to our mayors and combined authorities, and believe that it will help to bring decision-making back to those who understand their area best. The two regions we represent are completely different economic landscapes, and we hope the partnership will deliver growth that is bespoke to each region’s strengths and ambitions.

“Committing to working with employers as part of the Skills England Bill will hopefully build on the work that Chambers across the country have done with Local Skills Improvement Plans. Reforming the Apprenticeship Levy will be one piece of the puzzle to alleviate the skills shortage that the UK faces.

“There are shortcomings in this King’s Speech that businesses in our region would have liked to see addressing, especially regarding the hospitality sector. Our Hospitality Forum exists to amplify the challenges that this sector faces and a part of the economy that has not fully recovered since the pandemic. We will continue to campaign for a reduction in VAT and for hospitality to be added to the Shortage Occupation List.

“Only time will tell on delivery and to see the true impact that these will have on our members, but we hope that these measures will kick start some much-needed optimism to help deliver growth in Yorkshire and the North”. 

Shevaun Haviland, Director General of the British Chambers of Commerce, said:  

“The commitment to an industrial strategy could put in place a framework to unleash the pent-up ambition of British business to grow the economy. 

“If we use it to make green innovation a key driver of that growth, and link it to a coherent plan around skills, trade, devolution, and AI, then the possibilities could be endless. 

“Billions of pounds of private investment have been held back by businesses which have been watching and waiting for long-term certainty in the economy. 

“The Government’s clear intention to speed up the planning system for large scale infrastructure can feed that business confidence, if it can be delivered. Measures to increase business resilience, reform of the apprenticeship levy and legislation to support sustainable aviation fuel could also boost the economy. 

“Placing decision-making and funding in the hand of the people closest to their local economies, and the issues they face, while increasing a collaborative approach will also be welcomed. 

“There are still big issues that need to be addressed. Improving our trade relationship with the EU will not be straightforward, and there will need to be detailed consultation with business on the Plan to Make Work Pay. 

“But there is much in today’s speech which shows the voice of business has been heard and that Government is introducing measures that benefit firms and help unlock investment.  

“We want to work in partnership with the Government to make this happen and shift the economy out of first gear to get it motoring again.”