The Autumn Budget must ease conditions for employers and support business growth, East Midlands Chamber has said, after the region’s unemployment rate among over 16s rose to 5.3%.
The latest estimated figures from the Office for National Statistics cover the period from July to September and are the highest since March to May 2024. Unemployment between June and August was 4.4%.
East Midlands Chamber director of policy and insight Richard Blackmore said: “While we’ve seen fluctuation in East Midlands unemployment and a slight downward trend this year, the level is too high. Having risen between July and September, the need for businesses to be fully supported is clear, so they are empowered to invest and get more people into work.
“The Autumn Budget on 26th November is a clear opportunity for the Chancellor to bring in measures that would ease the immense pressure on employers and it is essential that happens.
“More than half the firms in the East Midlands have not attempted to recruit, according to data published in our Quarterly Economic Survey, while of those that attempted to hire, 6 out of 10 reported difficulty finding suitable staff.
“Corporate taxation and inflation top the concerns of East Midlands businesses, according to our survey and firms having had to contend with tough measures brought in at last year’s Budget, like higher National Insurance contributions and a higher national living wage will have led them to difficult decisions.
“The upcoming Budget must rule out tax hikes for firms that would drive up their costs further; business rates need to be reformed, and firms need to be given incentive to invest.
“The Chamber’s Framework for Growth for the East Midlands – a landmark document outlining measures to build for the future in Derbyshire, Nottinghamshire and Leicestershire – will be launched in Westminster during the Chancellor’s Budget. Specific growth opportunities will be highlighted across areas like connectivity and infrastructure, clean energy, digital sustainability, planning, rates reform and skills investment.”
