Chamber response to government’s Spring Statement
Date published:
Rhiannon Bearne, deputy chief executive of the North East Chamber of Commerce, said:
“Today’s Spring Statement was clearly designed to reinforce stability rather than introduce significant new policy.
“Businesses in the North East are likely to therefore cautiously welcome the government’s focus on predictability in fiscal policy and its consistent approach to the public finances, particularly in what the Chancellor described as an uncertain global environment.
“However, the revised growth forecast of 1.1% this year compared to 1.6%, combined with unemployment now forecast to peak at 5.3%, underlines the fragility of this stability.
“While the government is on track to meet its borrowing rule and has increased its fiscal headroom, firms across our region need to see those positive macro-economic signals translated into stronger, sustained growth here in the North East.
“The forecasts published today also do not take into account any potential impact from the recent rise in energy prices triggered by the deeply concerning conflict in the Middle East, which also creates more uncertainty for businesses.
“On behalf of our members and stakeholders across the region we will continue to press for measures that unlock investment, support sustainable job creation and ensure the North East plays a full role in driving national growth.”