With billions being ploughed into defence, housing and infrastructure sectors it is hoped businesses will not have to foot the bill, come the next Budget.
Chamber members are currently feeling the effects of a rise in National Insurance hikes implemented from last year’s Autumn Statement.
And there are now fears Rachel Reeves will unleash more tax headaches in the coming months.
Responding to the Comprehensive Spending Review, Babs Murphy, Chief Executive of the North & Western Lancashire Chamber of Commerce, said: “Businesses across our region have been eagerly awaiting evidence that the Government truly understands the deep-rooted challenges holding back our economy and that concrete steps will be taken to address them.
“Today’s announcements offer a few promising signs that the Government is beginning to grasp these issues, with commitments that can support local firms and stimulate growth.
“However, it’s crucial that these investments are not undermined by further taxation. To sustain meaningful growth, we need assurances that the upcoming autumn budget will avoid additional taxes on business.
“Businesses are also keen to learn more about the replacement for the Shared Prosperity Fund. The limited information currently available suggests the new scheme might be less comprehensive, and ensuring broad access will be vital to support regional economic development.
“Infrastructure projects not only create immediate investment opportunities but also inject wealth into local economies and expand economic capacity within our regions.
“It was also encouraging to hear the Government reaffirm its commitment to training, education, and skills development. Historically, large infrastructure projects have faced delays and cost overruns, which can be mitigated by a well-trained workforce.
“Guaranteeing £1.2 billion annually for apprenticeships and training is vital to building this pipeline of skilled workers such as planners, carpenters, architects, technicians, and construction professionals all needed to deliver future infrastructure.
“While today’s announcements lay out a broad framework for government investment, the upcoming Industrial and Trade Strategies will be crucial. They will need to deliver the detailed actions necessary for our economy to achieve the strong, sustained growth we all aspire to.”
