Chancellor Comes Through for Business - IoD
12 Mar 2020
Responding to the Chancellor’s Budget speech, Robert Lloyd Griffiths, Director of Institute of Directors Wales, said:
“Given the circumstances, the Chancellor had to be bold. He certainly came through for business’ in England today with measures like rate relief but we now to make sure that this has real impact in Wales.
“The headlines of £360 million for Wales, new trade envoys and support for the emerging hydrogen industry are all welcome commitments but as ever the devil is in the detail. We need reassurance on the consequential implementation of the additional funding and we need detail on how these new measures will benefit business’ in Wales.
“The question now is how we translate that money into real improvements for local economies. Directors will welcome the Government fleshing out its framework for reaching the ambitious Net Zero target, but the scale of the economic transition is still being sketched out. Efforts to ramp up R&D will be crucial to help businesses reset for the long-term challenges ahead. The other key component needed to future-proof our economy, skills, is moving in the right direction but still needs development.
“The necessary focus on coronavirus does not mean other challenges have gone away. The costs of Brexit adjustment are still very real, but measures to help firms with the difficult task of preparing were notable by their absence. Without a genuine implementation period, companies cannot hope to be ready on their own for changes they can’t yet see, particularly with all attention currently on coronavirus. Pressing on with IR35 despite the manifest problems will also cause headaches among the business community, and while Entrepreneurs Relief seems to have few friends, it is described by many IoD members as a reasonable reward for entrepreneurial risk-taking.
“But, the Chancellor is right. We do need to get things done and we need to make the best decisions for long-term prosperity. Doing the right thing is more important than ever given this is such a sensitive time for the economy. That’s why I hope that we will see the warm words about levelling up the country turned in to action so that we do have parity across the UK because this is not a time for party politics. This is a time for collaboration and coordinated action. “