Chamber reacts to Spending Review and Autumn Statement

Reacting to the Chancellor’s Spending Review and Autumn Statement today, the Chamber’s Director of Policy, Chris Hobson, said: “This was largely a positive Autumn Statement which included a number of sensible measures that many local businesses will welcome.

“Upgraded growth predictions gave the Chancellor more room to manoeuvre than he’d had previously, which enabled him to deliver a Spending Review that will provide reassurance to businesses and consumers alike.

“Businesses will welcome the long-term focus on infrastructure, particularly when it comes to building the houses and upgrading the road networks which are so badly in need of repair, but it was frustrating that we still have no further clarity on the route or delivery timeframe for the Eastern Leg of HS2. However it is encouraging to see that funding has been allocated to develop a strategy for the proposed hub station at Toton.

“Significant enhancements to the science, capital investment and low carbon budgets will help the many hi-tech businesses, for which the East Midlands is renowned, continue to innovate and drive advancements in technology.

“The one big disappointment was the lack of acknowledgement for the Midlands Engine for Growth and the role it will play in complementing the Northern Powerhouse to rebalance the economy away from London and the south.

“The challenge for Government now is to ensure it can translate this rhetoric into reality, to deliver the improvements to housing, energy, infrastructure, skills and productivity and provide the certainty required by business to enable it to deliver the balanced and sustainable growth the country needs to remain globally competitive.”