Sheffield Chamber, which represents businesses and industries across the region, says the Budget must focus on local economies to drive the wider UK economy.
The organisation wants to see, above all else, investment in skills and infrastructure prioritised.
Although the British Chambers of Commerce (BCC)’s most recent Quarterly Economic Survey, which SCCI contributes to, showed a more positive business outlook, there is still a large degree of anxiety regionally, says Sheffield Chamber.
“Despite a backdrop of UK businesses grappling with major economic and political shocks that have led to significant skills shortages and low levels of business investment, we have seen more positivity in recent months,” said Tracy Viner, Executive Manager (Policy and Public Impact) at Sheffield Chamber of Commerce and Industry.
“Inflation is now close to target and interest rates are beginning to fall but it’s imperative that the Budget reassures business owners.
“In South Yorkshire, we’re calling for a Budget that supports growth across the board but, right now, we feel the traditional and advanced manufacturing sectors require additional attention. Together they act as a critical driver of innovation and productivity in the region.”
“The manufacturing industries require a skilled workforce and robust transport networks to remain competitive. We urge the government to continue prioritising these areas to unlock the full potential of South Yorkshire’s economy.”
Tracy explained that the government's commitment to increasing R&D tax credits and support for green technology investments were positive steps, but investment indicators remain fragile.
“More is needed in terms of targeted infrastructure investments and skills development to support the sector’s growth,” she added.
“Key projects, such as HS2, that we were previously promised by the government, remain on our minds. We want to know how the government will provide alternative investment in the region.”
Sheffield Chamber, through its own Quarterly Economic Survey, says its members are concerned about longevity – not just investment in infrastructure but investment in training.
“It’s also important to us, and those we represent, to know what is going to happen to the Shared Prosperity Fund when the current funding runs out in March.
“Generally, we hope the upcoming Budget focusses on:
- Making the UK a globally competitive destination for investment – and bringing that to the North and South Yorkshire.
- Using the tax system to support workplace health and wellbeing.
- Extending employer engagement in skills planning (across the board but also specifically in investment).
- Reforming business rates.
- And investing in infrastructure.”
Sheffield Chamber says the Government must listen to the voices of the business community when considering long-term strategy and conversations must continue to take place between the Chancellor’s office and the business community across the country.
It looks forward to working with local and national authorities to ensure that future policies continue to support all businesses in the region and foster long-term economic resilience and will respond in full to the Autumn Budget on October 30.
