Chancellor’s Spring Statement should be starting point for action on growth

03 Mar 2026

Published in: Black Country Chamber of Commerce News
Black Country Chamber of Commerce chief executive Sarah Moorhouse said the region's businesses would be looking to the autumn Budget to deliver meaningful action on the pressures they face every day.

Chancellor Rachel Reeves used her Spring Statement on March 3 to set out the Government's case that its economic plan is working.

Key announcements included:

  • Inflation has fallen and is forecast by the OBR to come down faster than predicted in the autumn.
  • Six interest rate cuts since the general election.
  • GDP forecast to grow by 1.1% in 2026, rising to 1.6% in 2027 and 2028.
  • £150 off energy bills from next month.
  • The £820 million youth guarantee and reforms to apprenticeships.
  • Defence investment commitments including £650 million to upgrade Typhoon fighter jets, the launch of a new Royal Navy frigate and a £1 billion helicopter deal with manufacturer Leonardo.

Sarah said: "This was a statement, not a Budget, so we understood it wouldn't bring a raft of new announcements. But it does need to be the starting point for a conversation about what comes next.

"Our members are dealing with a combination of pressures that shows no sign of easing. Energy costs remain a significant burden for manufacturers and businesses of all sizes.

"The increases to employer national insurance contributions are hitting businesses hard, particularly smaller firms where every pound of additional cost matters. Skills shortages continue to hold back growth and the cost of doing business more broadly is squeezing margins to breaking point for many.

"For the businesses in the Black Country that are part of the UK's defence supply chain, the investment commitments referenced today also represent an opportunity worth watching.

"But the Black Country needs more than a positive economic backdrop. It needs targeted support for the businesses that are the backbone of this region — from manufacturing to professional services, retail to hospitality.

"The autumn Budget is where the Government has the chance to show it is serious about growth and we will be making sure the voice of Black Country businesses is heard loudly and clearly between now and then."

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