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07 Mar 2024

East Midlands Chamber Reacts to ‘Underwhelming’ Spring Budget

An increased VAT threshold to help small businesses and measures to get people back into work are among the positive takeaways from an otherwise “very safe” budget, say East Midlands Chamber.

Director of Policy and Insight Chris Hobson, said:

Anything that can help small and medium enterprises is always welcome to see in the Budget and an increase in VAT threshold should ease some pressure. Investment announced for the High Peak and Erewash area was good to see, too, while the High Income Child Benefit Charge set to become household-based feels fairer.

“On the flip side nothing was really said about skills, sustainability, or any credible strategy for growth; things that could have real benefit to businesses in this area.  This was largely echoed in a Round Table discussion of East Midlands business leaders we held where the overall vibe was very much that this was a mostly timid ‘keep the ship steady’ kind of Budget. 

“Real tangible investment is long overdue in the East Midlands in areas like infrastructure and skills. We look forward to taking our Manifesto for Growth 2024 to Westminster on Monday 11th March which clearly presents the asks that businesses need.