5th Jul, 2022

Coventry and Warwickshire needs to benefit from significant Budget announcement say business leaders

Ashleigh Osborne 28th Oct, 2021 Updated: 29th Oct, 2021

BUSINESS leaders in Coventry and Warwickshire want the region to benefit from a major announcement in the Chancellor’s Autumn Budget.

The Coventry and Warwickshire Chamber of Commerce hosted a range of businesses at an event, sponsored by Prime Accountants Group, to watch Chancellor Rishi Sunak’s Budget at the Telegraph Hotel.

The budget was given a cautious welcome as the Chancellor announced he was using the statement to invest in future growth and also support firms still suffering from the effects of the Covid-19 pandemic.

That included a 50 per cent discount on business rates for those in the retail, hospitality and leisure sector; a freeze on fuel duty, £3.8bn investment in skills and further support for Research & Development.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said the region would look to benefit from a £1.4bn Global Britain Investment Fund which has money set aside for vehicle electrification.

She said: “It was a very upbeat budget delivery considering the 18 months businesses and individuals have faced.

“The devil is always in the detail with the budget statement because there are always lots of big numbers mentioned but takes some time to understand exactly what it means for firms and the region.

“The Global Britain Investment Fund is something we believe could be positive for Coventry and Warwickshire and our hopes for bringing a Gigafactory to the region. This area has the potential to be at the forefront of vehicle electrification.”

Claire Lea, of Prime Accountants Group, said: “There were numerous references to investment relief on green measures and also investment in infrastructure and innovation, all of which Coventry and Warwickshire is known for so we will be hoping our area can benefit when the follow-on detail emerges from Government.”

Kevin Riley is a business growth specialist at ActionCOACH Warwick said: “Of course, the Autumn Budget is to be taken in the context of the last 18 months of significant spending to support jobs and businesses over the pandemic. However, it appears that several things we’d hoped to see will be at best delayed until the Spring Budget.

“However, a 50 percent business rates discount for companies in the retail, hospitality, and leisure sectors lasting for one year and up to a maximum of £110,000 is welcomed to help those businesses recover properly, especially considering a potential increase of social distancing restrictions over this winter.”

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