Chancellor speech to grow the economy is welcomed, but businesses are still ‘concerned’ over the Budget

The Chancellor has delivered her speech today over her plans to grow the economy and she is backing a new third runway at Heathrow Airport.

Rachel Reeves has said on Wednesday she wants “proposals to be brought forward by the summer.”

EasyJet chief executive Kenton Jarvis said Heathrow Airport expansion will “provide consumer and economic benefits” that will enable the airline to “operate from the airport at scale for the first time.”

Stephen Phipson, boss of manufacturers’ trade body Make UK said the expansion of Heathrow is “vital if we are to drive economic growth – more connectivity with the rest of the world provides British exporters with more markets to sell their goods and drives inward investment to every part of the country.”

However, he warned there is a “clear contradiction” in implementing the measures whilst “applying a handbrake” with what was announced in the Budget.

Shevaun Haviland, director-general of the British Chambers of Commerce said the Chancellor has “laid down a clear marker” and she is wanting businesses to “sit up and take notice.”

“They can lift the gloom that has settled over the economy and give firms real confidence,” she said.

Haviland added that Labour has to “make sure the reality does not fall short of the promise” she then added that businesses are “struggling with increasing costs” amid the Budget.

Speaking after Chancellor Rachel Reeves’ growth speech today, Emma Jones, CBE, founder and CEO of small business support platform and membership community Enterprise Nation, said, “Today the Chancellor has taken an action-orientated, pro-active tone delivering some much-needed optimism.

The UK’s six million small businesses and start-ups will welcome the return of a positive drum beat for 2025 – but they will be keen to understand how the Chancellor’s plans like  the Oxford-Cambridge Growth Corridor talked about today, translate into tangible benefits for local enterprises.

The success of initiatives like this will ultimately depend on whether they create an inclusive economic environment that supports businesses of all sizes.

We hope this represents the start of a more upbeat outlook and approach to the economy.”