LCCI react to the Chancellor's speech

Friday 27 January 2023

James Watkins, Head of Policy and Public Impact at London Chamber of Commerce and Industry (LCCI) said “While we welcome the Chancellor’s emphasis on fiscal responsibility, this statement yet again failed to address the urgent issues facing many businesses with the cost of living crisis- including the need for Jeremy Hunt to look again at support for energy prices for businesses. Small businesses owners have been facing extreme economic headwinds for months and today’s speech will not deliver any sense of relief.

“For months, the Government has reiterated its promises to kickstart the journey towards growth – but with no further clarity on help with energy costs, business rates support and R&D tax reliefs, we are still rowing a boat without a paddle.

“We welcome the four pillars of the Chancellor’s speech – Enterprise, Education, Employment and Everywhere – and we particularly support the Government’s pledge to fund adult re-training and kickstart a programme of reform to encourage people back into work, something we have long called for and stand ready to support.

“A long-term, future-proof plan for Britain’s economy requires investment and support for the businesses who will deliver its success. If businesses go bust now they will not return; and neither will the Chancellor’s stated target of one million new businesses materialise.

“Only a clearly prioritised, long-term, and targeted plan for UK business recovery and renewal will secure the growth we desperately need.”

ENDS