Industry leaders in Coventry and Warwickshire have backed calls for ‘urgent action’ in the Chancellor’s Budget to support business growth.
The British Chambers of Commerce (BCC) is calling for the Chancellor to use the Budget on March 6 to work in partnership with business to develop a sustainable growth plan.
The BCC’s Budget submission includes calls for Government to match industry-led funding of £3m for planning qualifications to help plug the lack of local resource.
It is also calling for Ministers to commit to fund business-led Local Skills Improvement Plans (LSIPs) beyond the current 2025 cut off point to at least 2028.
The Chamber also wants the VAT registration review to be restarted with a view to removing the existing cliff edge and says that Government should reform business rates to make it a tax that incentives growth.
The final ask of the Chancellor is to introduce a new internationally competitive tax-free shopping scheme to support retailers.
Corin Crane, Chief Executive of Coventry and Warwickshire Chamber of Commerce, said: “We understand that there is very little room for manoeuvre for the Chancellor but business growth is fundamental to getting the economy moving in the right direction, especially after the news that we entered technical recession.
“We back the BCC’s submission to the Chancellor ahead of the Budget as we can see how it improve doing business here in Coventry and Warwickshire.
“Our members are telling us that there are a number of factors that are holding back growth and we urge the Chancellor to help remove some of those and encourage firms to invest in the future.
“When it comes to LSIPs, we listened to thousands of businesses across the region on what they wanted when it comes to skills provision and it would be great to hear that commitment extended to provide certainty in that area.
“Our Chamber has been running a successful employment land campaign across our region. Our members have been telling us they are ready to invest in their sites but are being held back by the backlog caused by a lack of planners in local authorities. We are delighted to see the planning qualification ask included in this submission, which would provide a great industry-backed solution.
“What is clear is that when government and businesses work together we can unlock real growth in the economy.”
Shevaun Haviland, Director General of the British Chambers of Commerce said: “As businesses continue to chart a course through choppy economic waters, they want to work in partnership with Government to get the UK economy growing again.
“The Chancellor has shown he is in listening mode. At the Autumn Statement we were pleased to see full expensing made permanent and business rate relief. The Budget is an opportunity to build on that good work and further accelerate help for business.
“Our recommendations are solution focused. We’re actively working with industry to develop a UK-wide, private sector funded programme to train more planners to work in local planning authorities, to boost their planning skills and capacity.
“Alongside our fund, we’re calling for the Chancellor to provide more funding to LPA’s in greatest need of skills. That will support the authorities, to employ the additional graduates and upskilled professionals we are training. Unlocking our planning system is crucial to economic growth.
“Our latest research shows that many SMEs are struggling because of business rates, and are limiting their expansion plans because of the VAT threshold. The Chancellor should use his statement to announce plans to make rates fairer and restart the VAT registration review.
“Attracting, retaining, and developing people with the right skills is crucial for business. But far too many employers are struggling to do that. Business-led Local Skills Improvement Plans (LSIPs) are key to resolving skills shortages. They are already making a huge difference in communities across England. LSIPs need long-term commitment and funding, to ensure people can access the training they need for great jobs.
“A new internationally competitive tax-free shopping scheme would help turbocharge the UK’s retail and hospitality sectors, bringing benefit to all corners of the UK through economic growth and tax revenue. The Government must signal that the UK is open for business.
“With the clock ticking before the General Election, the Budget must outline the sustainable growth plan businesses are crying out for.”