8 minute read
Economy
BCC responds to
Chancellor’s Budget
Chancellor of the Exchequer Rishi Sunak has unveiled the contents of his Budget in the House of Commons. As well as pledging a significant increase in public spending, Mr Sunak announced tax cuts for businesses and a reduction in air duties for flights within the UK.
The planned increase in fuel duty is to be scrapped, while retail, hospitality and leisure businesses will benefit from a temporary 50% business rates discount of up to a maximum of £110,000. Meanwhile, the £1 million Annual Investment Allowance has been extended.
The British Chambers of Commerce (BCC) has given its reaction…
Shevaun Haviland, director general of
the BCC, said: “There’s much to welcome in this Budget for business communities across the UK. The Chancellor has listened to Chambers’ long-standing calls for changes to the business rates system and this will be good news for many firms. This will provide much-needed relief for businesses across the country, giving many firms renewed confidence to invest and grow. However, these changes must be the start, rather than the end point of the reforms to this broken system.
“Additional investment in skills, infrastructure and better access to finance will be key drivers for our economic recovery and provide longer-term benefits and opportunities for businesses across the country.
“While investments announced in the Budget will take time to bed in, government should consider other action that will relieve immediate pressures, particularly on smaller businesses, such as urgent review of the shortage occupation list to allow for short-term visas in key sectors, and an SME energy price cap.
“If firms face unexpected bumps in the road, the Chancellor must be prepared to take further action to get the economy firing on all cylinders again.”
Commenting on the announcement on business rates reforms, Suren Thiru, head of economics at the BCC, said: “We’re pleased that the chancellor has listened to our call to deliver more frequent revaluations. Moving to a three-year-cycle will help to reduce the huge changes in rates bills that clobber firms and enable them to plan their growth strategies with greater confidence. The current system already generates a significant number of appeals, and if it’s not made simpler, more frequent valuations would exacerbate this problem.”
Commenting on freezing the business rates multiplier and a new temporary relief for retail, hospitality and leisure properties, Suren Thiru said: “We’re pleased that the Chancellor listened to BCC’s call to blunt firms’ business rates bills amid soaring inflation. The freeze in the business rates multiplier and support for retail, hospitality and leisure will provide businesses with more financial headroom to repair business cashflow diminished by the pandemic and rising cost pressures, and to invest more in growth plans to power the recovery.”
Commenting on the Annual Investment Allowance extension, Suren Thiru said: “This should provide a major incentive for firms to crowd in investment, with firms continuing to report that this is a crucial tool which gives them the confidence to push ahead with their plans.”
Commenting on funding for childcare,
Jane Gratton, head of people policy
at the BCC, said: “Additional funding for childcare providers will help parents access high-quality, affordable childcare and remain in work, ensuring employers retain skills and people progress in their careers.”
Commenting on infrastructure investment, Jane Gratton said: “It’s great to see the Chancellor recognise the importance of local infrastructure in driving our economy forward and levelling up communities across the country. This investment will be a welcome boost toward that goal and will be vital in achieving our net zero targets by funding more efficient, reliable and greener public transport.”
Commenting on research and development funding, Hannah Essex, co-executive director at the BCC, said: “Greater funding will encourage investment in R&D, which should boost the UK economy at a time when productivity growth remains weak.
“However, to ensure that UK firms remain competitive on the global stage, it’s vital that greater investment in R&D is supported by retention of our intellectual property.”
Beverley takes the reins at Wandsworth Chamber
There’s a saying in business that nothing ever stays the same. Staff come and go, contracts are won and lost, and business leaders make way for the next generation of talent.
The latter is true at Wandsworth Chamber of Commerce, where CEO Steve Pinto is stepping down and passing the baton to Beverley Corson, owner of business coaching, consulting and training company Next Level Business and stalwart Chamber member for the past 12 years.
Beverley says: “Wandsworth Chamber is considered to be one of the most dynamic and friendly chambers in London and I feel honoured to have been asked to take on this position from Steve, who has done such an outstanding job in building this business community. I am from Leeds originally but moved to Earlsfield when I was nine years old, I went to Primary school at St Anne’s, and the University at Roehampton, which are both based in the Wandsworth borough. I’ve lived in five of the borough’s town centres and I met my partner Tony – a local – in Tooting Leisure Centre 16 years ago. So, it’s my absolute pleasure to accept this role and I look forward to leading this great organisation in an area I consider home. Wish me luck!”
It’s questionable whether she’ll need luck, given her forensic knowledge of the area and impressive industry track record. Prior to starting her own Business in 2009, she spent 11 years working for world-class learning and development providers, predominantly in sales and people development roles. This included client management, consultancy and training work for a leadership development company with
clients such as Abbey National, Network Rail, British Waterways and ADSA, and new business development and account management for one of the top recruitment training providers in the UK.
In 2009 she decided to take the plunge and launch her own venture with the aim of providing effective growth support for business leaders so they could fulfil their business and life ambitions. Since then, she has developed several successful initiatives, including the Next Level Business Club which serves business owners from a wide range of sectors who typically achieve 20-200% growth year on-year. One programme within the Next Level Business Club is the Next Level Accelerator programme to fast-track the growth of small firms.
She says: “The Next Level Accelerator is for established SME business owners with 5-25 employees, who are frustrated with their progress and are not getting what they want out of their business. Their aim is to overcome their challenges and limitations and break through to the next level – whatever that means for them.”
“We help them to maximise productivity, increase profitability and accelerate forward towards achieving their goals. Our clients typically achieve up to 200% year-on-year turnover growth and 400% year-on-year profit growth over the course of the 12-month programme.”
“During COVID last year we also won a contract to run two cohorts of the government’s Peer Network programme, a national peer-to-peer networking scheme for SME leaders who want to grow and develop their organisation for future success. It went really well; we tendered for it this year as well and won a further contract to run 4 more cohorts. By the time all of these programmes are completed, we’ll have assisted 66 businesses.”
Beverley’s focus on helping businesses to grow aligns well with the goals of Wandsworth Chamber.
“My business helps other people to grow and that’s the whole point of the Chamber, too,” she says. “Steve and I both have bags of energy so I’m sure to follow in his footsteps in that way too.”
“We have a 12-month plan in place and there’s so much to do! We want to maintain relations with members and other key stakeholders and build up the membership base. We also have a desire to get events up and running, including the business awards.”
“I want to get a grasp of what businesses want as we move into a post-COVID world. Recruitment is an issue; many companies will require help to resource and upskill their teams. It’s also important for us to keep abreast of local and national government support and how businesses can access this.”
“The green agenda is another important consideration. As a Chamber, we’ve always been innovative and forward thinking on various issues and this will be no different. Where possible, we’ll help businesses in the borough to capitalise on commercial opportunities in this growing industry. For example, if Tesco were to pledge to cut their carbon footprint by half; can Wandsworth firms in the supply chain help Tesco to achieve this?”
“Undoubtedly there will be opportunities and challenges as we move into a post COVID era. A combination of Brexit, the technology revolution, COVID and the green agenda has created much uncertainty and change – but Wandsworth firms have demonstrated their resilience and an ability to adapt to fast-moving circumstances in the last couple of years.”
“We have some fantastic, capable businesses in this borough,” says Beverley. “There are also some exciting developments in the pipeline. Battersea Power Station is opening next year, which will create jobs and opportunities for people here. Apple is also establishing a base here, which will attract even more tech innovation than there already is to the Borough.”
“My entire career has revolved around developing people. That’s why I want to build a team at the Chamber so we can increase our level of support to local businesses. Eventually, I’d like to create an initiative that offers training opportunities, coaching and mentoring for business leaders and their teams.”
Clearly there is much to do but if anyone can make all of this happen, you get the feeling that Beverley can.
