Responding to the Comprehensive Spending Review, Alex Veitch,
Director of Policy at the BCC, said:
“Business has been waiting for
Government to show it understands the deep-rooted problems
holding back our economy and how they can be
solved.
“Today we have seen signs they get it,
with action to address some of the key issues that can help
firms.
“The Chancellor's pledges on £15bn of
regional infrastructure investment, a £14bn commitment to
Sizewell C and an £86bn package for research and development
funding can make a real difference.
“But the government must not give with
one hand and take with the other. While plans for investment are
welcome, we are clear that, if we are to sustain meaningful
growth, there can be no further taxes on business in the autumn
budget.
“Firms will also want to hear a lot
more about the replacement for the Shared Prosperity Fund. The
current information about the new scheme suggests it may be more
limited in nature, and broad access to this scheme will be
essential.
“These issues aside it was welcome to
see a £2bn focus on Artificial Intelligence support. Many SMEs
tell us they are still struggling with how they will get the best
from AI, if they plan to use it all.
“The £6bn set aside for munitions
production and separate funding for carbon capture, usage and
storage clusters, including the Acorn Project in Aberdeenshire,
are also critical to supply chains across the
UK.
“New infrastructure projects will also
provide investment opportunities for thse supply chains, generate
wealth, which is injected back into their regions, and create
additional economic capacity.
“So, it was also good to hear the
Chancellor talking about the government's commitment to training,
education and skills.
“Too many times in the past, big
infrastructure projects have been beset by inefficiencies, delays
and costs overruns.
“If we are to build on a greater scale
across the whole country then we need a pipeline of new planners,
carpenters, architects, technicians and construction
workers.
“That's why guarantees of £1.2bn per
year of future funding for apprenticeships and training is so
important.
“Today's announcements provide us with
the broad framework of where the government will invest. But the
forthcoming Industrial and Trade Strategies will still have heavy
lifting to do if our economy is to achieve the strong and
sustained growth, we all desire.”
