In the wake of today's budget announcement, our MD Phil Smith had this to say:
“The budget offers some initiatives that we expect our region’s businesses will benefit from. The creative and hospitality industries, which are significant contributors to the South West’s economy, should welcome the Chancellor’s specific tax measures to support them. We also welcome the news that the government has reached agreement with Hitachi to purchase the Oldbury-on-Severn site in South Gloucestershire. Development of this site could generate thousands of jobs and help boost the economy. It also further underscores our region as a clean energy hub.
For the South West SME, the recovery loan extension should help those navigating challenging times, and some should benefit from the change in the VAT threshold.
However, what the region is still lacking is a long-term strategy that helps support a strong economy, and our businesses and communities to thrive. We need initiatives that address fundamental structural issues, such as low productivity and sluggish growth. We know our region’s businesses want significant action on key issues like transport, housing and infrastructure, something that was lacking in this spring budget.”
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