WNY Chamber reacts to the Chancellor’s Spring Statement

Mark Goldstone, Head of Policy and Representation at the West & North Yorkshire Chamber of Commerce, has commented on the Chancellor’s Spring Statement. He said: 

“Today was a missed opportunity to rebuild and renew the economy and restore the business confidence needed to weather the uncertain and volatile times we currently face. The cut in fuel duty, though welcome, does not off-set the significant cost-of-living increases bearing down on firms and households. Smaller businesses, in particular, are exposed as they have neither the protections or financial support provided to households, nor the negotiating power of larger businesses.

“The measures in the Spring Statement don’t go far enough for what businesses needed to see today. There are some positive announcements but those high cost pressures remain largely unaddressed.  As the economic outlook is likely to get worse before it gets better, many firms will be forced to continue raising prices, further fuelling the cost-of-living crisis.  There were too few measures here to restore stability and confidence for business.

“While the increased employment allowance provides a small amount of financial headroom for firms facing rising costs, other measures – such as the introduction of an SME energy price cap – would have helped to tackle the escalating crisis to the cost of doing business. Keeping a lid on prices, protecting jobs and securing investment is needed now to sustain our economic prospects.”

Here is the Spring Statement Policy Grid