WNY Chamber responds to Government’s Comprehensive Spending Review

West & North Yorkshire Chamber of Commerce today issues a cautious welcome to the Government’s plans to tackle issues holding back our economy in its Comprehensive Spending Review.

A number of measures, most notably £15 billion for regional infrastructure and an £86 billion package for research and development funding will be welcomed by hard-pressed businesses who are dealing with significant challenges.

There was also the welcome news that an additional £3.5 billion will be allocated to drive delivery of the TransPennine Route Upgrade, improving connectivity and reducing journey times between Manchester and Leeds, from 55 to 41 minutes, as well as £240 million to enhance Leeds station, improving capacity and relieving congestion.

However, the government has to ensure that it does not merely give with one hand and take with the other.

The tax burden facing businesses is currently at a generational high and it is therefore imperative that there are no further taxes imposed upon business in the autumn budget. 

We are also still waiting to hear updates about the replacement for the Shared Prosperity Fund. The current information about the new scheme suggests it may be more limited in nature, and broad access to this scheme will be essential. 

Amanda Beresford, chair of the West & North Yorkshire Chamber of Commerce, said: “The spending review has given us an indication of that the government wishes to invest and this is something all employers will welcome.

“The forthcoming Industrial and Trade Strategies will still have heavy lifting to do if our economy is to achieve sustained growth.

“New infrastructure projects will also provide investment opportunities for these supply chains, generate wealth, which is injected back into their regions, and create additional economic capacity. Too many times in the past, big infrastructure projects have been beset by inefficiencies, delays and costs overruns, so it is vital there is no repeat of such disappointments.”