Economy grows but high business costs must be addressed in Autumn Budget

Richard Blackmore from The East Midlands Chamber

The East Midlands Chamber has said the Autumn Budget on 28th October needs to ease pressure on business, despite monthly GDP data from the Office for National Statistics showing unexpected growth to 0.4% in July, from 0.3% in June.

East Midlands Chamber Director of External Affairs Richard Blackmore said: “Business is looking to the Autumn Budget to see measures announced that reduce the immense cost pressure they face daily, so while slight GDP growth in July gives reassurance the economy is a little healthier than economists feared, the Chancellor must prioritise supporting business on 28th October to fully unlock growth.

“Investment has stalled among East Midlands businesses, evidenced in our Quarterly Economic Survey for Q2 of this year, with soon to be published Q3 data expected to show a similar picture. That’s not a sustainable position and not conducive to growth.

“By reducing cost pressure, whether through easing corporate taxation, introducing wider reaching energy cost relief packages for business or the full root and branch review of business rates outlined in our Framework for Growth, business would be incentivised to invest to grow. That’s what needs to happen at the Autumn Budget on 28th October and what we need to see.”