Businesses across the East Midlands are urging the government to prioritise growth measures in the upcoming Budget, following signals from the Chancellor that further tax rises have not been ruled out.
Regional data from the East Midlands Chamber shows that firms are already holding back on investment amid concerns over higher operational costs. Rising National Insurance contributions and the increase in the national living wage introduced last year have tightened margins, while inflation remains well above the government’s 2% target.
The Chamber’s Quarterly Economic Survey indicates a decline in business confidence, with many firms expecting weaker turnover and profitability in the months ahead. Inflation and corporate taxation continue to top the list of concerns for regional businesses, who say the current fiscal climate is stifling competitiveness and planning.
As the 26 November Budget approaches, business leaders are pressing for measures that stimulate rather than restrict growth. They are calling for reforms to business rates, greater investment incentives, and policy clarity on taxation to restore confidence. The Chamber plans to release its Framework for Growth for the East Midlands at Westminster on Budget day, setting out key priorities for infrastructure, skills, and planning reform to support regional development.
