Growth Hub CEO says Spring Budget must start delivering now

A regional business leader believes the Spring Budget now needs to rapidly deliver significant and impactful outcomes for the UK’s economy.

The latest SmartRegion report highlights that it is vital to kick-start growth in a currently stagnating economy, and the tax incentives announced by Chancellor Jeremy Hunt last month need to stimulate green skills growth and green innovation.

The report also focuses on earlier announcements on investment through the Advanced Manufacturing Plan and UK Battery Strategy, related to the automotive and future mobility sector, which need to start being put into action sooner rather than later.

The SmartRegion report contains findings from research and engagements contributed by the Coventry and Warwickshire Growth Hub, Warwickshire County Council, Coventry City Council and other local and national business support organisations.

The main points of the Spring Budget in the sub-region included devolution powers being extended to Warwickshire County Council, and Coventry being provisionally awarded £5 million in capital funding as part of the Levelling Up Culture Projects.

Craig Humphrey, Chief Executive at Coventry and Warwickshire Growth Hub, said whether the Spring Budget would bring much-needed confidence to the UK economy, only time would tell.

He said: “The 2p reduction in National Insurance will put more money in employees’ pockets which is a positive since it will make work more attractive and have the knock-on effect of bringing more people back into the labour market – particularly those who decided not to return to work following the pandemic.

“The predictions from the Office for Budget Responsibility that inflation is due to fall further and below the 2 per cent target from a high of 11 per cent is good news for the economy, showing business confidence is slowly returning.

“At a time when Coventry and Warwickshire – like most of other areas of the country – is struggling to attract and recruit workers with the right skills in some sectors, this could encourage people back into the workplace.

“Small businesses are the backbone of our economy and for business owners there was a welcome increase in the VAT threshold from £85,000 to £90,000 which will make a difference when every penny counts as energy bills and business rates have hit many firms hard.

“Coventry and Warwickshire is renowned for its expertise in the digital creative sector – particularly in Leamington and surrounding areas dubbed Silicon Spa – and unlocking more pension fund capital for the tech sector will help with investment.

“I’m a big believer in shifting decisions to a more local level, so it was encouraging to hear that a Level 2 Devolution Deal has been agreed with Warwickshire. Once it has been ratified by Warwickshire County Council, it will give the local authority more control and influence over local growth by the transfer of new powers and funding.

“The deal also emphasises the importance of stakeholders continuing to work together to ensure the independence of the local business community is maintained within the county.

“Coventry and Warwickshire has a strong and resilient economy, and we hope that given stability we will return to sustained growth for the foreseeable future."

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Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

PALACIOS LTD,

It’s been a fantastic inaugural eight months for the TalentTech Recruitment team and, although the reality of setting up and running a company can be a somewhat daunting experience, we have been extremely grateful for the superb help, advice and guidance given to us along our journey by Gavin Barnett and the team at CW Growth Hub. Gavin’s introductions to both Warwick & Coventry Universities and his wider business network have been absolutely invaluable.

TalentTech Recruitment LTD,

For many individuals out there, it is very hard to figure out ways and know which direction to go when it comes to setting up a business. The challenges of taking your idea and bringing it to life and not knowing where to go and who to speak to for advice. it can get very frustrating..

King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

Thank you for the comprehensive and professional guidance

Burbidge & Son Ltd,

Over the years since the Growth Hub was set up we have habitually gone to our Account Manager as a one-stop shop for all business-related information. It has been a really convenient way of finding suppliers, advisors and, on one occasion, we even asked for assistance with finding customers. We are invited to a wide range of business events including business development workshops, Brexit roundtable discussions, seminars on various topics and have also been asked to speak at some events. When we have needed additional information, for example, finding finance sources or help with selecti

Marchantcain Design Limited,

Thanks to CW Growth hub getting us access to grant funding we have been able to invest in the latest computer monitoring system, which will enable us to compete with the national companies within our industry.

Comrie Leisure Limited,