After its latest research revealed a downturn in measures like turnover and profitability expectation, East Midlands Chamber has said Chancellor Rachel Reeves should use the annual Mansion House speech, traditionally used to set out the Chancellor’s vision for the financial services sector, to restore confidence.
The Chamber’s Quarterly Economic Survey for the second quarter of 2025 showed a 10% fall in overseas sales and a 3% drop orders in the East Midlands, while only 3 out of 10 firms reported an expectation of a rise in profitability.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “Any proposals that free up the financial sector from time consuming regulation, costs or missing out on calculated risk-taking would be a welcome step forward, but businesses will be eager for detail. Being able to plan, to get things done and have firm assurance that tax hikes aren’t about to be offloaded onto them will be key.
“With our Quarterly Economic Survey for the second quarter of this year showing only 3 out of 10 businesses anticipate a rise in profitability, while overseas sales and orders have seen a fall, businesses need to be bolstered with a supportive stance that’s based on progressive action – that could be in the shape of investment or clearing the road of obstacles to growth.
“What firms will be most wary of is anything that makes growth harder work than it currently is, so I’d urge the Chancellor to ensure the approach enables the sector to get on – unhindered growth is what’s needed.”
