The East Midlands Chamber has collectively renewed calls for the Chancellor’s Budget to improve trading conditions for firms after GDP grew by only 0.1%.
The latest estimated figures from the Office for National Statistics cover the period between July and September.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “The combination of sluggish growth, sky-high inflation and the high cost of doing business are a stark reminder of why the upcoming Budget must ease pressure on firms.
“Hit at last year’s Budget with the burden of higher National Insurance contributions, businesses have had it tough. We carry out detailed research across the East Midlands in our Quarterly Economic Survey. That has revealed nosediving confidence among firms in their expectation of increased profitability and turnover in the coming months, stalled investment in areas like recruitment, plant and machinery, while corporate taxation and inflation stand out as the biggest worries reported by businesses in the region.
“As 26th November draws closer, the Chancellor must place business front and centre and present a Budget that incentivises firms to invest and ensures tax hikes are not applied to them.
“Following engagement with business, the Chamber’s Framework for Growth will be launched as the Budget is delivered. This key document outlines specific asks like reforming business rates, skills investment, improvements to planning, connectivity and infrastructure, investment in clean energy and digital sustainability – actions that would enable growth in the East Midlands.”
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