Chamber responds to the Chancellor’s statement

Responding to the new Chancellor’s statement, Paul Slevin, Executive Chair of Chambers Wales South East, South West and Mid, said:

“Following the economic instability since the fiscal event announced by his predecessor, the new Chancellor needed to reset and present clear plans for the future.

“However, many businesses in Wales will be disappointed by the short-term outlook of today’s statement, especially regarding the changes to energy relief from April. Energy costs, alongside increasing inflation and interest rates, are a major concern for business owners and the government needs to engage with businesses to provide certainty regarding support in this area in the long-term.

“Consultation with firms must be a priority for the Chancellor. We understand that he has a delicate balancing act to carry out; reassuring the markets to prevent further damage to business and consumer confidence while providing stability for businesses and promoting opportunities for growth.

“This is why it is imperative that the government takes time to understand the challenges facing businesses by speaking to firms across the country, for example through the Chamber network.

“We agree with the British Chambers of Commerce who state that ‘people run businesses and businesses rely on people. The government is failing to fully understand that the cost of living and cost of doing business crises are two sides of the same coin’. By engaging with businesses, the government can demonstrate how serious it is about helping businesses and their people through these crises and beyond. The time to act is now.”