Home Business News Spring Budget does not meet London business expectations and could ‘have been more effective to help struggling SMEs’

Spring Budget does not meet London business expectations and could ‘have been more effective to help struggling SMEs’

by LLB Finance Reporter
15th Mar 23 2:12 pm

The London Chamber of Commerce and Industry (LCCI), in response to the Spring Budget, declared that it fell short of delivering optimum value and support for London businesses. With the cost of living crisis, this year’s Budget was a lost opportunity in providing stronger support on energy bills to London’s small and medium sized enterprises (SMEs).

LCCI welcomes the Government’s generous support to parents and guardians with childcare responsibilities. At a time when skills shortages are affecting Britain’s economy, childcare funding must give working parents the confidence and support they need to return to work.

Richard Burge, Chief Executive of the London Chamber of Commerce and Industry, said, “We are pleased that the Government is introducing concrete measures to bring Britain back to work. However, for this to happen, we also need a strong business market for employees to return to.

“SMEs continue to lose thousands of pounds due to high energy prices.

“Whilst any move to relieve the pressure on SMEs is to be welcomed, it will take far greater support to put all London businesses back onto a sustainable path to growth.

“Consequently, the Budget could have been more effective towards lending a helping hand to struggling SMEs, which are the lifeblood of the London and UK economy”.

James Watkins, Head of Policy and Public Impact at the London Chamber of Commerce and Industry added, “London can only succeed if Britain succeeds. While we welcome the Government’s support on childcare funding to address skills shortages and introduce capital allowances and enhanced R&D tax credits to encourage business investment, energy support remains a key concern for London businesses.

“Tax reliefs for London’s theatres and orchestras is critical for the capital’s economy.

“In addition, our businesses need fast access to all of the United Kingdom which will help the nations and regions to contribute to and benefit from the wealth generated in the City of London and Canary Wharf. The Government’s decision to hold back funding for the HS2 budget does not provide a solution to its goal of levelling up and boosting economic growth.

“We support Chancellor Jeremy Hunt in his effort to put the UK back on track but doing so means that London businesses run at their full capacity, without having to battle the ongoing strikes, cost-of-living crisis and high energy prices.”

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