There were some aspects of the Autumn Statement that the Cumbria Local Enterprise Partnership (CLEP) board welcomed, but others that they felt could have gone further.
Clearly, making the full expensing policy for investment permanent was welcomed as investment is key to business growth and improving productivity.
The changes on National Insurance for employees and the self-employed was positive, but it would have been nice to also see have seen something for employers.
CLEP are strong advocates for good quality employment and fair pay as outlined in our Modern Workplace Charter, so the importance of increases in both the National Living and Minimum Wages are recognised.
However, this creates pressure on the rest of the businesses pay structure in order to maintain differentials, which we know can strain margins further, particularly for smaller businesses.
The LEP Board was interested in a few things that were slightly less headline grabbing but are important for Cumbria:
- The extension of the mortgage guarantee scheme, which will help first time buyers get on the ladder.
- Reforms to planning and grid connectivity to help accelerate investment.
- The new fund for nutrient mitigation schemes, given the impact that this is having on our housebuilders.
Finally, we would have welcomed further direct grant support to encourage businesses to invest in growth and productivity, as this is currently in very short supply.
