Responding to chancellor Rachel Reeves’ Spring Statement, the managing director of the Mid Yorkshire Chamber of Commerce, Martin Hathaway, said:

“While Labour’s Autumn budget was difficult for businesses, the latest budget represents a more positive outlook for 2025, focusing on growth and infrastructure investment. While this is welcome, I would’ve liked to see more direct support for SMEs, especially in boosting skills.

“After 2024 ended with low business confidence due to tax hikes announced in the Autumn budget, it’s reassuring that no further tax rises on working people are planned. Our Quarterly Economic Survey (QES) in Q4 of last year reflected uncertainty around investment and recruitment, and I hope that this new direction will restore confidence and encourage growth.

“However, the OBR halving the growth forecast from 2 per cent to 1 per cent is a setback. I’m encouraged that Chancellor Reeves discussed the need to take serious action for long-term sustainable growth, backing the development of infrastructure and the introduction of the new National Wealth Fund. The government’s proposed £13bn in capital expenditure is a positive step that can unlock private investment and advance the UK’s industrial strategy. Here in West Yorkshire, developments like the National Health Innovation Campus and Station to Stadium Enterprise Corridor in Huddersfield offer strong local investment potential.

“While the previous budget underlined a commitment to skills and education, I had hoped for more concrete support this time. Businesses in our region are keen to upskill staff, as shown in our QES results. Through Local Skills Improvement Plans (LSIPs), we see how vital government support is in helping our workforce and economy thrive locally.

“With the Q4 QES finding that manufacturing sales were down 20% in the UK, it’s good to see a renewed focus on advanced manufacturing. Yorkshire is home to the Advanced Manufacturing Research Centre and stands to benefit—provided businesses are given the opportunity to showcase their expertise.

“Although the 2025 growth forecast is underwhelming, the freeze on taxes and national insurance offers some stability. Future OBR forecasts—rising to 1.9% in 2026 and remaining steady through 2029—give hope, but government action will be needed to deliver on this promise, particularly through housing and defence investment.

“The Mid Yorkshire Chamber is committed to supporting SMEs locally, working with the West and North Yorkshire Chamber and local education providers to boost skills in the region through LSIPs, and ensuring West Yorkshire business can access the help, advice, and connections they need.”