Growth for 2026 was revised down to 1.1 per cent but then up to 1.6 per cent in 2027 and 2028. Inflation is expected to fall to 2.3 per cent this year while unemployment is forecast to peak at 5.3 per cent this year but fall back to 4.1 per cent by 2030.
The Coventry and Warwickshire Chamber of Commerce organised a roundtable, sponsored by Prime Accountants Group, at Stockton House to gauge reaction from regional firms.
Paislei Godley, director at Prime Accountants Group, said: “We didn’t anticipate any major changes to taxation and we didn’t see any. There have been lots of tax announcements in the past 18 months so businesses will be relieved that this was more of an update than any new policy announcements.”
Roger Scott, area director of Lloyds Commercial Banking, said: “There is a real feeling among many businesses that I work with that it’s getting really tough and they are having to work harder to ensure the bottom line remains intact.”
Louis Washington-Smith, asset director at Tetra Real Estate – part of The Wigley Group, said: “Boring was good for us in the property industry. We saw lots of things put on hold in the run up to the Budget last year and it was only after that where we saw deals start to move forward.”
Sandra Godley OBE, president of the Chamber, said: “Collaboration is becoming more attractive to businesses as they are looking to partner with complementary firms to reduce risk and create opportunities.”
Lash Saranna, co-founder of EZOO, said: “The forecast that unemployment will rise this year and then fall back to 4.1 per cent by 2030 looks very optimistic to me. Many businesses are thinking long and hard about recruiting because of the additional costs and red tape involved.”
Carol Thomas, Principal and CEO of Coventry College, said: “The Chancellor mentioned investing in skills and briefly alluded to the SEND White paper, both of which are welcome, but good policy without a skilled workforce becomes unachievable, as it remains extremely difficult to recruit specialists from industry into education for many reasons.”
Steve Harcourt, director at Prime Accountants Group, said: “The tax take is higher than expected and that’s most likely due to all of the new business taxes introduced recently. That’s a burden for businesses, but it does show wealth is being created.”
Corin Crane, chief executive of the Chamber, said: “It’s so useful for us to get businesses in the room from a range of sectors to hear their views.
“While we knew the Statement would have no policy announcements, it was an opportunity to assess the current economic climate and understand how new policies in the most recent Budgets are affecting businesses.
“We want stability and the Chancellor was looking to use this Statement to show that the economy is on a more solid footing than before – but, once again, global events are providing a fresh cause for concern.”
