With a downgraded growth forecast confirmed by the Office of Budget Responsibility leading up to the Spring Statement, there was little hope for much good news.
While it might serve as a check on the state of the economy, Rachel Reeves’ speech lacked much substance for the business community.
In response to the statement, Babs Murphy, chief executive of the NWL Chamber, said: “Many businesses continue to struggle and some are having to pass on the costs of running their companies onto customers, with some having to make hard decisions which will affect their workforce.
“Overall, the Spring Statement lacks of ambition and has insufficient focus on long-term growth strategies. Instead of outlining comprehensive plans to boost productivity, innovation, infrastructure and investment, the statement appears to prioritise short term budget balancing, leaving concerns about future growth unaddressed.”
You can read the full response here: North and Western Lancashire Chamber of Commerce Spring Statement response | North & Western Lancashire Chamber of Commerce
