The Big Question: budget special

Simon Rowland

Partner

Newcastle office head

Womble Bond Dickinson

To restore confidence in the North East, the Chancellor must deliver a robust, regionally focused growth plan that directly addresses both the long-standing challenges and the emerging opportunities unique to the region.

Central to this plan should be a bold commitment to infrastructure investment.

Building on the North East’s proud industrial legacy, the Government must prioritise the development of modern transport networks and ultra-fast digital connectivity.

Upgrading rail links, roads and broadband will attract new businesses and help existing ones flourish.

Targeted support for local industries must also be at the heart of the Chancellor’s approach.

Tailored incentives for key sectors such as advanced manufacturing, green energy and technology will protect existing jobs and create new, high-quality roles, ensuring sustainable and inclusive growth.

Fostering a vibrant culture of innovation and entrepreneurship will be essential for the North East’s future prosperity too.

If the Government puts more money into research and development, and offers new grants and support for start-ups, it can boost business activity and make the region a leader in innovation.

By focusing on transformative infrastructure projects, tailored industrial support and a thriving innovation ecosystem, the Chancellor can demonstrate a compelling vision for the North East – restoring trust among businesses and voters, and driving meaningful economic revival.

Elaine Stroud

Chief executive

Entrepreneurs’ Forum

Entrepreneurs need to believe the Government has their backs.

This gives them the confidence to go out there and build businesses, create jobs and renew Britain.

Our research shows nearly two-thirds of members believe current policies are having a negative impact on their business performance.

The Chancellor must use her Autumn Budget to announce reforms that make founders feel appreciated and encouraged to take the necessary personal risk to scale their businesses.

Incentives which make it beneficial to grow headcount would be widely welcomed.

Not surprisingly, our members are calling for a reversal of the hike in national insurance and ask for no further large increases to the national minimum wage.

Entrepreneurs in the North East are keen to employ young people, and are looking for better incentives to take on unskilled workers and give them a first step on the career ladder.

Furthermore, our family businesses are calling for the Government to reconsider reforms to inheritance tax.

Without a rethink, there is a risk family businesses may cease to exist if tax liabilities are required to be paid in cash.

The Chancellor must do much more to make founders feel valued, and a good start would be to reduce the tax burden for owner-managed businesses.

Andy Rothwell

Co-director

North East Commercial

One of the biggest challenges facing the commercial property sector is business rates.

The rising cost of business rates on empty spaces is a real noose around our neck and makes speculative developments and purchases a risk.

When a business development is full, it is financially viable.

But if you lose a few tenants and those full suites become empty, all of a sudden the picture is very different.

I would love to see the Government look at this, as it is something that is impacting the build and availability of high-quality commercial office and industrial space.

In more general terms, I think more needs to be done to help people back into work.

It seems there is still a huge disparity between the very wealthy and those at the bottom end of the spectrum.

Some of this is down to sector growth.

The sectors likely to employ wealthier people are technology and artificial intelligence-driven, whereas the more accessible industries like manufacturing are really suffering.

It’s a tough time and people have lost confidence in the Government.

All eyes will be on the budget to see what measures will be introduced to stimulate growth and give businesses the confidence that things are going to get better.

Kiran Fothergill

Director

Pickerings Lifts

Chair

Jobs Foundation North East

Business Council

After a turbulent year, this budget must prove the Government is serious about growth – and that means supporting business.

An understanding that the economy only thrives on business confidence and a supportive enterprise landscape must be fundamental to the Chancellor’s approach.

The last budget showed what happens when policy pulls in the wrong direction.

If Rachel Reeves wants to demonstrate Labour has a credible plan for growth, reversing the increase in employers’ national insurance contributions – or at the very least introducing targeted reliefs – must be top of the agenda.

The Jobs Foundation’s budget submission sets out an evidence-based approach – a national insurance holiday for firms that hire from long-term unemployment.

The proposal includes a North East pilot in year one, where inactivity is highest.

Even under conservative assumptions, it would be cost-neutral, with welfare savings and new tax receipts offsetting the cost.

True growth doesn’t come from higher taxes; it comes from unleashing enterprise and providing firms with confidence to invest, hire and innovate.

It also comes from tackling public sector inefficiency with the same discipline expected of business.

If the Chancellor wants to show Labour understands the economy it governs, this budget must focus on enabling, rather than constraining, the people who create jobs, drive productivity and deliver prosperity: Britain’s businesses.