Chamber describes 2026 Budget as ‘underwhelming’ and missing full growth potential

Scott Knowles (Credit: East Midlands Chamber)

A spokesperson for the East Midlands Chamber has given a reaction to the Chancellor’s Autumn Budget, highlighting the need for greater support to unlock growth.

East Midlands Chamber Chief Executive Scott Knowles said: “Keeping a fairly steady ship seemed to be the overarching theme of this Budget but while business can take some comfort that significant further cost increases were not imposed, greater support is needed to unlock growth.

“Prioritising AI, backing enterprise and easing some of the burden for startups was encouraging to hear of, as was supporting founders and the British Business Bank, but the Budget felt only lukewarm and underwhelming in its offering, regarding how Government intends to incentivise businesses to drive growth.

“To achieve the kind of meaningful, substantial impact business needs to enable growth, I would want to be hearing of wider reaching support around energy costs and business rates, significant skills investment and measures to ease international trade, for example, as outlined among the Five Asks presented in our 2026 Budget submission. These areas, essential to unlock growth, were notable in their absence.

“I welcome news of extended relief for retail and hospitality on business rates but the support fell short of the full root and branch review we have been calling for and that is essential to incentivise business to invest to grow.

“Allocating revenues to Mayoral Strategic Authorities is something that was good to see and we understand from the Red Book that final talks are underway to establish a Mayoral Strategic Authority for Leicester, Leicestershire and Rutland. That’s something I very much welcome.

“We have been calling for devolution delivered at pace in Leicester and Leicestershire as one of the key asks in our landmark publication The Framework for Growth.

“As further detail emerges in the coming days, we will continue to engage with our membership and call on policymakers to ensure the best outcomes are called for that can drive growth.”