Spring Statement: A Focus on Economic Growth
26 Mar 2025
Published in: Black Country Chamber of Commerce News
Sarah Moorhouse, CEO Black County Chamber of Commerce, responds to Spring Statement:
“The government is aiming for a decade of national renewal but it’s fair to say there’s a long way to go.
“Just a few months after the Autumn budget, Rachel Reeves has now delivered her first Spring Statement. She outlined increased spending on defence, innovation and housebuilding to drive economic growth and focused on global challenges as the main reason behind a weaker than anticipated UK economy.
“The Office for Budget Responsibility (OBR) has cut its forecast from 2% to 1% for the UK economy this year, before upgrades in the rate of growth in the following years.
“We welcome the government’s planning reform and the jobs that will come with increased building of houses and infrastructure projects. We are also optimistic the increased spending on defence will benefit local businesses – not just in manufacturing but also in technology.
“Ultimately though we want a government that is on the side of business and members are telling us they don’t feel the support they need. Too many of our members are feeling battered and bruised and the government must focus on reducing the cost pressures for businesses, boosting investment and exports.
“For the economy to grow, businesses need to thrive and ahead of the Comprehensive Spending Review we’ll be making representation to our MP’s, ministers and decision makers to make sure they understand the pressures our members are feeling. As ever, we have their backs.”
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