Companies across Coventry and Warwickshire want the Chancellor to deliver a Budget that will help to secure economic growth.
George Osborne will deliver his Budget to Parliament on Wednesday (March 19) and companies want him to put jobs – particularly for young people – and growth at the top of his priority list.
The Coventry and Warwickshire Chamber of Commerce will be holding its annual Budget panel – sponsored by Harrison Beale & Owen – at its HQ in Coventry with business leaders from across a range of sectors.
And Louise Bennett, chief executive of the Chamber, said many firms were forecasting growth in 2014.
She said: “Companies are looking to grow and take on new staff – that’s certainly the feedback we got from our last Quarterly Economic Survey with firms from across our patch.
“The British Chambers of Commerce is also predicting stronger growth for this year than previously forecast so there is a golden opportunity for the Chancellor to deliver a Budget that supports that.
“For many firms it’s a case of just wanting less complication in the tax system – they want to get on and do what they do best and that is run their business.
“That said, this is a chance to really make a dent in youth unemployment and offer incentives to companies who take on young people either from long-term unemployment or as an apprentice.
“We speak to companies all the time who are keen to take on young people and a scheme such as this would offer support until such time that the National Insurance exemption for under-21s comes into effect in 2015.”
She added: “Business rates, including void rates, remain an issue that many businesses across Coventry and Warwickshire raise with us.
“This is an issue that should have been looked at some time ago and the longer it goes without addressing it, it becomes even more important to tackle.
“What the Chancellor has to weigh up is whether doing nothing on business rates could hold back sustained growth. According to the companies we speak to, it is holding back growth already.”
Other initiatives being suggested are an increase in the Annual Investment Allowance to encourage capital investment and accelerating the fall in Corporation Tax.
Bennett added: “Finances are extremely tight and no business wants to see a sudden change of course in terms of overall economic policy but where the Chancellor can see an opportunity to support growth, he should take it.”
