LCCI reaction to UK Budget surplus

Tuesday 21 February 2023

Richard Burge, Chief Executive of London Chamber of Commerce and Industry, said: “It is a hugely welcome surprise to see that public finances are in much better shape than forecasts had expected. But now the Chancellor must respond by seizing the opportunity that fuller state coffers presents for the upcoming budget. This unexpected windfall must be invested strategically for economic growth, putting the UK back on track for long-term prosperity and to the benefit of businesses which have teetered on the cliff edge for so long.

“There is no route to kickstarting our economy that does not pass through improving trading conditions for small and medium sized businesses in London and across the UK. This surplus should be directed at the UK’s businesses in two important ways. First, to improve support for SMEs on high energy costs as they ride out the impact of the war in Ukraine. Second, to provide long-term investment in skills infrastructure and to create the incentives needed to lift business investment back to the levels not seen since 2016. Only through careful investment from the Government now, can the economy return to a rate of productivity growth that will raise living standards. British businesses have weathered the toughest of storms over the past few years, now is the time to boost confidence and invest for growth.”

ENDS