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PRIVACY
Economic Development

Autumn Statement: It's time for Osborne to get down to business

Midland chiefs call on Chancellor to back infrastructure projects and extend incentives to small firms

George Osborne

A host of business leaders have called on the Chancellor to boost infrastructure spending in his Autumn Statement and address an "immense" investment imbalance.

George Osborne will deliver the final Autumn Statement of this Parliament on Wednesday and Midland firms have demanded a focus on infrastructure, as well as encouraging innovation and removing barriers to enterprise.

Switching business rates to the Consumer Prices Index, R&D tax credit rises and ensuring further devolution were also high on the list.

But it was transport and infrastructure that topped the Greater Birmingham Chambers of Commerce wish-list, as the West Midlands receives the second lowest amount of public infrastructure cash in the º£½ÇÊÓÆµ – just £389 per person compared to London's £5,426.

Greg Lowson, president of Birmingham Chamber, said: "This is an immense imbalance and we call on Mr Osborne to address the issue.

"The West Midlands stands at the crossroads of the º£½ÇÊÓÆµ's rail and road infrastructure and urgently needs investment over and above what HS2 might bring. The Midlands Connect project, an initiative of the local LEPs, Highways Agency and Network Rail, has the capacity to be the West and East Midlands' equivalent of the Northern Hub or HS3.

"Historically, little work has been undertaken to understand how improved transport connectivity across the East and West Midlands can stimulate economic growth for the entire region.

"The chamber calls on the Chancellor to recognise the significance of the project and be prepared to allocate funding."