It was described as ‘boring’ and ‘uneventful’ but with the hope that it could provide stability for businesses to invest and grow.
Ray Abercromby, a Partner at Azets and a corporate structuring specialist, said that the minimum wage increase would lead to higher employment costs but said the Budget was largely fine-tuning.
“I apologise in advance,” he said: “There’s nothing that’s that exciting. Everybody thought there was going to be a big headline because so much had been trailed but, in the end, the budget was actually a bit of a non-event compared to the previous one.
“The biggest practical impact is the national minimum wage increase. In the last five years, we’ve seen something like a 45 per cent increase in the national minimum wage, which causes a squeeze effect on pay bands above.
“There were other changes around pension contributions through salary sacrifice but these are a few years off.
“So, I believe the Chancellor has gone for a boring Budget and we’re already seeing clients coming to us looking to move forward with plans because they feel a little bit more confident. They are saying they can now plan and make decisions, which is positive.”
Alex Bolton, Azets’ Financial Planner, agreed: “This year’s Budget wasn’t really anything major. Probably the biggest change was the salary sacrifice changes and everything else is more of clarification, or a slight tweak to what was announced last year.”
He said there were changes in taxation that businesses and individuals needed to be aware of but that they should speak to an expert to get advice.
Brett Salisbury, Branch Manager at Handelsbanken Coventry, said seeking professional advice was more important than ever.
He said: “The tax burden will rise to its highest ever level in this Parliament.
“There is room for optimism but I would definitely advocate for seeking help and advice from the experts rather than being reactive to policy change as and when it happens.”
The event also heard from The Myton Hospices and businesses were urged to find out how they can support the organisation due to its heavy reliance on donations.
Chris Nagle, Head of Events, Marketing and Communications at the Chamber, said: “We were delighted to join forces with Azets and Handelsbanken for this event.
“Our initial reaction on the day of the Budget was that there had been few surprises and that was backed up by the conversation in the room after our experts had time to analyse some of the finer details.
“We’re all hopeful that 2026 will bring a more stable business environment which gives firms across Coventry and Warwickshire an opportunity to grow.”
Pictured (left to right): Chan Landa (Azets), Ray Abercromby (Azets), Brett Salisbury (Handelsbanken), Alex Bolton (Azets), Martin Watts (The Myton Hospices), Gurprit Singh (Chamber).
