Budget support welcomed by Black Country business leaders

Corin Crane, chief executive of the Black Country Chamber of Commerce, said: "Going into this Budget, we always knew that the aspiration for substantial increases in productivity and higher wages would take years to achieve and wanted to see measures which would tackle the issues businesses are facing right now including escalating costs for international freight and energy prices alongside supply chain pressures and recruitment challenges which have seen investment decisions deferred as regional GDP decreased.

"Whilst we await the finer detail behind the announcements, there appeared to be a range of measures which local firms would welcome. Positive steps were forthcoming through new research and development relief, improvements to make buildings more sustainable, reforms to business rates alongside help to ensure goods keep moving, a focus on skills and, for those members in the visitor economy severely impacted by pandemic restrictions, there were plenty of measures designed to help them."

Mr Crane added that for growth to return to industries and sectors, the Black Country needed to be able to compete nationally and internationally.

He also welcomed announcements to support the levelling-up agenda which would see investments in local transport and infrastructure projects.

"Over the next few months, we’ll know whether the Budget has been successful if businesses have the confidence to invest," he stressed.

Tony Hague, chief executive of PP Control & Automation in Cheslyn Hay, said: "The one thing that leaps out of the Budget for me is the change in focus around R&D and the new-found desire to try to incentivise more domestic activity.

"This is a very welcome change as the UK has the unenviable track record of being a fantastic idea generator, yet an also-ran when it comes to commercialising these ideas and technologies.

"If we can reverse this by creating a climate where investment and capacity is available on our shores then this could be a real long-term boost for manufacturers, who could be in line for new product introductions and increases in volumes.

"It’s just a shame that the £20bn funding will not come into play until 2024. "

Nick Latimer, tax partner at national audit, tax, advisory and risk firm Crowe, which has its Midlands office in Oldbury, said: "For my private clients and family business owners, it was good to see no significant further tax rises beyond the 1.25 per cent increase in the rates of national insurance and dividend tax that were previously announced to fund social care. Nevertheless, the tax burden as a result of this and the previously announced increase in corporation tax to 25 per cent from April 2023 will be historically high."

He added that for businesses, the extension of the £1 million annual investment allowance for business investment until March 2023 will also be helpful

British Independent Retailers Association chief executive Andrew Goodacre was pleased the Chancellor of the Exchequer had announced a 50 per cent business rates discount for one year.

The discount is worth up to £110,000 for retail and hospitality businesses

Andrew Goodacre, Bira CEO, said: "Whilst we would have liked to have seen a more fundamental review of business rates, we are pleased to see some respite for the smaller, independent retailers."

"The retail discount for business rates was a positive move when first introduced in 2019 and it is right that it is now re-introduced. We also think that the incentive to encourage investment in equipment tor reduce the carbon footprint of shops is a good idea," he added.