The Cumbrian Chamber of Commerce has responded to the sudden reversal of the mini-budget.
Managing director of the chamber, Suzanne Caldwell, said the quick reversal was the right thing to do, but that more robust plans for the economy were needed for long term growth.
She said: “We await with interest further information on funding and on future plans. It was clear that someone had to press the reset button quickly to try to get back to some level of stability.
“But what we’ve seen so far is a plan for today and nothing for tomorrow. For example, the energy package for businesses as announced three weeks ago was a step in the right direction, but we now understand that after 6 months even the targeted support is now hanging by a thread. The cliff edge has not gone away and it’s important that the full consultation and review is in fact completed and is followed by certainty and the right targeted support.”
She added: “The reversal of so many of the Mini Budget measures was the right step to create some stability at the current time but does now need to be followed swiftly by robust, funded, plans to steer the economy through the challenging headwinds it faces on supply chain disruption, energy and raw material costs, inflation, interest rates, wage pressures and lack of staff. We also need a longer term strategy for growth.
“Not all of this needs to come with a cost. For example, more than three quarters of businesses nationally trying to recruit are struggling to find the staff they need and reform of the Shortage Occupation List would make a significant difference.
“As Chambers we want to work with the new Chancellor and the Government more widely in the best interests of businesses, not least seek to ensure they provide stability and certainty to businesses during this challenging period.”
