Paul Cherpeau, Chief Executive of Liverpool Chamber, said:
Businesses wanted to see a Budget that would deliver greater clarity and a more stable business economic environment to help them move ahead with their future plans and boost long-term growth.
Elements of today’s announcement will be most welcome, but unfortunately it leaves many concerns unresolved.
Positives
Positive forecasts around the reduced likelihood of a recession and a significant drop in inflation are clearly welcome, but to maintain that position, businesses must have the capacity to find fresh opportunities to create sustainable growth.
A new investment zone could have a significant impact on the local economy and allow Liverpool to expand its status as a science and technology powerhouse, boosted further by improved investment credits for creative and life sciences firms. We look forward to working with local government and the private sector to identify a location and framework to support job growth across the city region.
The Liverpool City Region needs even greater local control to determine its own economic destiny. It is good to hear that the LCR Combined Authority will ultimately follow Greater Manchester in receiving additional spending powers and more autonomy in future.
I was pleased to see a raft of measures aimed at reducing skills shortages and get more people back to work. New additional childcare funding to support working parents, combined with incentives for experienced, older workers to delay their retirement should allow local employers access to a greater pool of skilled talent and plan for growth. However, it’s important that the sector is given the time and tools to prepare to cater for these changes.
Many operators in our local hospitality sector will welcome reduced alcohol draft duty, allowing them to remain competitive with supermarkets and attract more. We also have a huge opportunity to expand our specialism in renewable energy and new funding for carbon capture and usage will hopefully encourage programmes including in Merseyside.
Negatives
Rising energy costs have dominated the minds of business owners for some time, yet the government has declined to bring forward any further direct support. The stability that businesses crave still does not seem to be forthcoming.
Allied with a significant increase in Corporation Tax, it is still becoming more and more expensive for many businesses to do business and we will find firms in sectors such as manufacturing and hospitality left standing on the precipice.
We would also have liked to see more support to train young people and, once again, there was no meaningful action on business rates reform.