URGENT UPDATE: Liverpool business leaders have responded to the newly announced Budget by Chancellor Rachel Reeves, declaring it a “damp squib” but ultimately a stabilizing move for the economy. The Budget, delivered earlier today, has drawn mixed reactions, with many attendees at the Liverpool Chamber of Commerce’s screening at the luxurious Hope Street Hotel expressing relief over the lack of major tax changes.
Despite the chilly weather outside, business and cultural leaders gathered in the hotel’s cinema, where the mood was unexpectedly upbeat. Although the audience had received an early glimpse of the Budget forecasts due to an accidental leak from the Office for Budget Responsibility (OBR), they remained engaged as Reeves outlined plans that include adjustments to business rates and incentives for electric vehicle adoption.
The verdict from attendees was clear: “Could be worse.” Many leaders felt reassured that the absence of significant tax hikes, such as last year’s rise in National Insurance Contributions, grants them some breathing room in the face of economic uncertainty. One notable cheer erupted when Reeves confirmed that training for under-25 apprenticeships would be “completely free for small and medium-sized enterprises.” Another moment of applause followed the announcement extending business rates retention pilots in the Liverpool City Region until 2029.
However, the overall sentiment was one of cautious neutrality. Sean Keyes, CEO of civil engineering firm Sutcliffe, expressed satisfaction with the lack of drastic changes, stating he was “quite pleased” with the unexciting nature of the Budget. Yet, he lamented the omission of pressing issues, including the government’s strategy to achieve its ambitious 15,000 housebuilding target.
Alison Lobb, managing partner at law firm Morecrofts and chair of the Chamber, echoed these sentiments, indicating she had anticipated “big news that never came.” She pointed out the absence of discussions surrounding critical funding for the justice system amidst its growing backlog.
The screening culminated in a brief Q&A session, revealing mixed feelings among the audience. A quick show of hands indicated that only one person felt worse after the Chancellor’s speech, while more attendees reported feeling neutral or even positive. The consensus? “Neutral positive” emerged as the overall verdict from the gathering, a sentiment highlighting that while Reeves’ speech underwhelmed, it did provide necessary stability.
With the Budget now officially announced, the time has come for business leaders to dissect the details and understand the implications for their industries. As the discussions around the Budget continue, one thing remains clear: the government must articulate a compelling vision for economic growth to galvanize confidence among businesses and citizens alike.
Stay tuned for further developments and insights as the implications of Rachel Reeves’ Budget unfold.
