Shropshire Chamber of Commerce is calling on the Government to live up to its ‘pro-growth’ promise by delivering a Budget that gives businesses the confidence to invest and ability to thrive.

Ruth Ross, Shropshire Chamber of Commerce’s chief executive, said: “We need the Chancellor to provide us with a clear understanding of how the business support arena is going to look for the next five years under this new Government.

“There could be implications for funded support programmes such as the Local Skills Improvement Plan and ‘going for growth’ programmes – we need to know whether their long-term futures are under threat from much-publicised cutbacks.

“The first budget of a new Government is always a huge moment to shape the expectations of business and the public for the years ahead.  

“So far, the Chancellor has championed the critical importance of economic growth and investment – but what Shropshire businesses need to know is how the Government plans to do this, so we can all work to make it happen. 

“Conditions are still tough out there for many companies, and employers need help and support to be innovative and grow.”

She added: “Taxation is also going to be crucial. With a pledge not to raise income tax or National Insurance for employees, it appears increasingly likely that employers will be hit.

“And there is no doubt that it is causing nervousness. People who may have been considering selling their business have tried to do it quickly, thinking that the Chancellor is lining up a rise in capital gains tax. 

“Any changes to inheritance tax could also be very important, as they can have knock on effect to the many charities and voluntary organisations in our county.”

With inflation now close to target, and interest rates beginning to fall, the first half of 2024 has seen business confidence rise, and the British Chambers of Commerce has upgraded its growth forecast for the UK economy.

The British Chambers of Commerce is calling for the Chancellor, Rachel Reeves, to use her first Budget to ‘seize the moment’ to boost business and grow the UK economy. 

The BCC’s budget submission focuses on policy recommendations to encourage investment, strengthen the workforce and develop our local economies. 

It wants to see support for a healthier workforce by reducing the employer and employee tax on workplace health services. 

It wants employers engaged in skills planning by extending investment in Local Skills Improvement Plans and addressing gaps in local training provision. 

And it is calling for a long-overdue reform of business rates, with the aim of lowering the multiplier to 45p by the end of this Parliament. 

Shevaun Haviland, director general of the British Chambers of Commerce, said: “The Chancellor is right to champion the critical importance of economic growth and investment. Businesses are keen to get more detail on how the Government plans to do this, so we can all work to make it happen. 

“On trade and investment, the level of funding directed towards growth and expansion by UK firms needs to be unleashed. They need help to realise their growth potential and attract inflows of overseas cash for big ticket projects. 

“Action on full expensing and business rates could all help free up money to invest in innovation across our country. 

“This needs to be supported by public spending on transport, digital infrastructure and the power grid. This is crucial for a 21st Century economy to grow and sends a clear signal to investors on the Government’s intent. 

“Finally, the people problem in the UK economy must be fixed. Firms are still struggling to find the staff with the skills they need to grow – they either don’t have the training or aren’t looking for jobs at all. 

“All of this must be wrapped up in a framework of industrial and trade strategies that set out a clear pathway for firms in the UK to expand and increase overseas sales.”