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Economic Development

Budget 2024: West Midlands business leaders outline their wishes

From business rates to failing councils, what do business people in our region want to see from Chancellor Jeremy Hunt tomorrow?

Chancellor Jeremy Hunt will deliver his 2024 Spring Budget tomorrow(Image: AP Photo/Frank Augstein)

With a General Election set to take place within the next year, all eyes will be on tomorrow's Spring Budget and what rabbits Chancellor Jeremy Hunt will pull out of the hat.

He has already vowed this week to make the º£½ÇÊÓÆµ "a world leader in manufacturing" by announcing new funding ahead of tomorrow's statement to the house.

A package of measures, said to be worth £360 million, has been earmarked for research and development and manufacturing projects across the life sciences, automotive and aerospace sectors.

But what else would business leaders here in the West Midlands like to see in the 2024 Budget. From increases in business rates to helping local councils negotiate their current financial problems, here are some of their thoughts.

Greater Birmingham Chambers of Commerce is calling for the Government to match industry-led funding of £3 million for planning qualifications to help plug the lack of local resources.

It also wants ministers to commit to fund Local Skills Improvement Plans beyond 2025 and to reform business rates to make it a tax that incentivises growth.

Director of external affairs Raj Kandola said: "Early analysis of our latest Quarterly Business Report data reveals that companies are still facing challenges related to hiring staff along with cost pressures caused by inflation and interest rates and as a result, business investment continues to suffer.