UPDATE: Liverpool business leaders have reacted positively to the latest Budget delivered by Chancellor Rachel Reeves earlier today, describing it as steadying and unexciting, yet crucial for stability. The Budget was screened at the luxurious Hope Street Hotel, where around 30 local leaders gathered to hear plans for tax policies and business rates.
Despite the cold weather outside, attendees found solace in the calm atmosphere of the screening, contrasting sharply with the usual rowdy Commons debates. Early insights from the Office for Budget Responsibility hinted at no major surprises, leading to a sense of cautious optimism among the audience.
The key takeaways from Reeves’ speech included the extension of business rates retention pilots in the West of England, Liverpool City Region, and Cornwall until 2029. Additionally, she confirmed that training for under-25 apprenticeships will be “completely free for small and medium-sized enterprises.”
The overall sentiment from Liverpool’s business sector was one of relief. Many leaders echoed phrases like “damp squib” and “lack of ambition,” but most agreed that avoiding significant tax hikes or drastic changes was a win. “Could be worse,” became the unofficial mantra of the day, emphasizing the importance of stability for businesses still navigating economic uncertainties.
Sean Keyes, CEO of civil engineering firm Sutcliffe, expressed his satisfaction with the lack of upheaval, while noting that critical issues like the ambitious 15,000 housebuilding target were overlooked. Similarly, Alison Lobb, managing partner of law firm Morecrofts, lamented the absence of discussions surrounding funding for the justice system, which is grappling with significant backlogs.
The event concluded with a Q&A session, where attendees shared their thoughts. A quick, informal poll revealed that only one participant felt worse after the speech, while many remained neutral or slightly positive about the announcements. The consensus was clear: businesses now have breathing room to move forward with investments previously stalled by uncertainty.
As the dust settles from the Budget, leaders are urged to dive into the details of Reeves’ announcements. While the speech may have felt underwhelming, the pressing question remains: What is the Government’s vision for driving economic growth in the UK?
Next Steps: Business leaders across Liverpool will be closely analyzing the fine print of the Budget, eager to understand how these policies will impact their sectors in the coming months. The focus shifts to ensuring that this stable environment fosters investment and growth, as the government must now articulate a clear path forward.
Stay tuned for further updates as this story develops.
