Reacting to the OBR Spring Statement delivered by the Chancellor yesterday, Louisa Harrison-Walker OBE, Sheffield Chamber of Commerce’s Chief Executive, said that whilst long-term forecasts are positive, the current business environment remains volatile and confusing.
She said: “The small businesses that continue to power the UK’s economy, while driving innovation and creating jobs, will feel as apprehensive after today’s update as they did last Autumn.
“While the long-term forecast appears positive, the reality is that it is difficult for businesses to operate in the current economic environment and that will only get harder once the NIC increase comes into play next month.
“Although inflation saw a slight dip, the reality is that very little has changed for the British business community, or indeed Sheffield’s. While the doubling of Employment Allowance thresholds next month offers businesses some support, it is no secret that businesses in the UK are struggling.
“Nevertheless, there were some positive signs in the Chancellor’s statement. Increased investment in training in construction, the removal of planning barriers and plans to make it easier for SMEs to bid for defence contracts are welcome policies.
“Operating a business in the UK is a challenge at the moment and in the immediate future it will get tougher, but it is hoped that the Chancellor’s longer-term framework will provide stability for the economy in the coming years.
“While it was hoped that businesses would gain further clarity today, it is very much the case that only time will tell.”
