CW Growth Hub CEO Craig Humphrey looks ahead to Rachel Reeves’ highly-anticipated Autumn Budget.
Rachel Reeves’ first Budget as Chanceller of the Exchequer is already leading to business organisations across the UK publicising their ‘wish lists’ for the newly-elected Labour Government. Coventry and Warwickshire Growth Hub CEO Craig Humphrey looks ahead to the Autumn Budget at the end of this month and puts forward his own suggestions.
There has been plenty of positive messaging from Labour when it comes to business, leading up to their landslide success at the General Election polls and at their party conference in Liverpool.
This now needs to be turned into action which is why the Autumn Budget on October 30 is going to be so interesting.
We want the new Chancellor of the Exchequer, Rachel Reeves, to focus on stability which is key on several levels.
As a Growth Hub network, we are not asking for more funds but, like all businesses, we are craving stability within the eco-system. This is important because it allows firms in all sectors, whatever their size, to plan for growth, recruit new employees, or invest in capital machinery, while having a certain degree of faith that the economy is going to remain solid or experience an upward trajectory.
As economic eco-systems have shown around the world when there is stability, there are better results delivered, and that’s what we have been advocating back to Government in our regular communication with Ministers and officials.
In a response to my letter, Gareth Thomas MP, Minister for Services, Small Business and Exports, responded on September 24 to re-iterate the Government’s pledge to support small businesses – the beating heart of our economy – as well as developing and delivering an Industrial Strategy, for which I have been lobbying for many years.
At the Autumn Budget, I would like there to be a long-term funding model announced for the Growth Hub network instead of waiting each year to find out our funding settlements.
The 41 Growth Hubs are not demanding more money, but if we know each year what funding we will receive then we can plan better and it helps people in the industry looking at business support as a career rather than just a job.
And, more generally, I hope that Labour delivers on their policy of change because all businesses need to have the confidence to plan for their future and it is their growth that boosts the economy and wider society.
A few months after Labour’s overwhelming success in the General Election, the economy is not growing at the rate the party wants in order to achieve its targets, which is why Rachel Reeves’ Budget is going to be really important in giving businesses the confidence that UK plc is heading in the right direction.
I want there to be an air of confidence and feel-good factor in the Budget to encourage investment and we can start to lay the foundations for a positive economic future.
