Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, talks to Business Link on the Spring Statement by the Chancellor of the Exchequer, Rishi Sunak:
“The Chancellor quite rightly focussed on the war in Ukraine, and the impact that may continue to have on global economies. He took some welcome steps to sustain confidence in the economy, but he did not go far enough to impact the current challenges facing businesses, especially SMEs in places such as Lincolnshire.
“Our businesses tell us that they are facing several compounded financial pressures with growing inflation, energy costs, supply chain challenges and an increasing cost of living.
“There was also little direct reference to investment in a low-carbon economy, and how we get nuclear, hydrogen and onshore wind investment working for us.
“However, his proposed tax plan to incentivise business investment from next year is good news, and we look forward to seeing the detail on transforming productivity with measures such as capital allowances, R&D reforms and a revised apprenticeship levy on the agenda.”