Budget gives businesses breathing space but firms need more to go global
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The Black Country Chamber of Commerce today said the budget offers welcome breathing space for many small firms, but fell short on helping more small businesses export.
The Chamber had called on the Chancellor to give businesses the confidence to invest, create jobs and grow.
Rachael Wright, the Chamber’s finance director, said: “The Chancellor talked a lot about breathing space today and there are measures here that Black Country firms will feel.
“Raising the small business rate relief threshold will be a real lift for the shops, cafés and pubs that keep high streets in Wolverhampton, Walsall, Dudley and Sandwell alive.
“Taking thousands of firms out of business rates altogether gives them the breathing space to invest and take on staff. But this relief is only for retail, hospitality and leisure. The small manufacturers and workshops at the heart of the Black Country economy still face the same rates bill tomorrow as they did yesterday. We’d like to see the same support reach them.
“A 25 per cent cut to electricity bills for manufacturers is a boost for some of the engineering and metals businesses at the heart of our economy. Bigger tax relief on new equipment gives firms a reason to invest now, rather than wait.”
On young people, the Chamber welcomed the new £100m local apprenticeship service.
“We have young people across the Black Country ready to work, and employers who want to give them a start,” said Rachael. “Anything that connects the two is a step forward. With the minimum wage going up, though, employers taking a chance on young people need more support to do it.”
The Chamber said exports were the Budget’s biggest missed opportunity.
“There are firms here with products the world wants to buy and today there was very little to help them get there,” Rachael added.
“Exporting brings new money and new jobs into the region, and we’ll keep pressing the government for practical support for small firms to trade overseas.”
The Chamber welcomed the announcement for a new Good Growth Fund for the mayoral authority devolved region, with the Black Country Chamber working closely with West Midlands Mayor Richard Parker.
“It’s good to see the Black Country named in the Budget. The new good growth funds and the Metro extension show the region is being taken seriously. Better transport links our businesses to their workforce and their customers and decisions about local growth are best made locally. Now we need to see this money quickly.”
The Black Country Chamber of Commerce represents hundreds of businesses in Wolverhampton, Walsall, Dudley and Sandwell and lobbies the government and policy makers on their behalf.
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