Let's seize moment to shape prosperous future for our region

Time flies doesn’t it? The summer is a distant memory, refrains of “it’ll be Christmas before we know it” hang in the air, and it’s over three months since the UK elected a new Government, writes Henrietta Brealey.

With the autumn budget just around the corner on 30 October, businesses across the country are anxiously waiting to see how the Government’s decisions will shape the economic landscape.

The upcoming budget is widely expected to reveal a five-year roadmap for changes to corporation tax reliefs and capital allowances, which could offer businesses much-needed clarity for future planning.

However, many business owners are concerned about potential changes to capital gains tax and entrepreneurs' relief.

While the Government has emphasized the need for tough decisions in these challenging times, it is equally crucial that they maintain business confidence.

In today’s global economy, where larger businesses and investors have the flexibility to choose where they deploy their resources, this is a very delicate balance to strike.

On the employment front, Labour’s proposed New Deal for Working People is also a hot topic of conversation.

While we can all get behind wanting to eliminate exploitative workplace practices, this space can quickly veer into the realm of unintended consequences.

Overly complex employment laws can deter entrepreneurs from expanding their businesses and hiring staff, potentially stifling the very growth that is needed to drive economic recovery.

Whatever comes from the budget, at the Chamber we’re in full swing on both representing our members interests and helping translate, whatever the final measures may be, into what they mean in practice for local businesses.

The broader economic vision for the UK, particularly in the face of a difficult budget, also deserves attention.

In his Rose Garden speech, Keir Starmer highlighted the significant challenges facing the country. Phrases such as “rot”, “broken”, “things are worse than we ever imagined” abounded.  What was missing was the positive vision for the future.

Sure, it’s pretty hard not to notice that the UK and the Government balance sheet have their big challenges. But it’s important to remember that the UK is not alone in facing difficulties.

As a starter, there’s worrying labour market data from Canada, complex politics in France, Germany’s economy is stagnating and as for the USA…we’ll leave unpacking that one for our US Election Breakfast on 6 November!

Alongside the challenges, we have a unique opportunity for the UK to position itself as the sensible place to do business.

By tackling difficulties head-on while promoting our strengths—such as our world-renowned higher education institutions and cultural influence— and delivering a clear vision for future growth, we can foster an environment where businesses thrive. Pragmatism and optimism.

Here in the West Midlands, we have the potential to be at the forefront of this economic resurgence.

Labour’s commitment to both an Industrial Strategy and Local Growth Plans have the potential to provide a framework for bold, optimistic action.

However, for these plans to succeed, consistency and a clear alignment between vision, allocation of resources and implementation are vital.

This is something that has been missing in the past ventures into this space over the last decade (remember the 2017 Industrial Strategy or the 2022 Plan for Growth?).

This is where we at the Greater Birmingham Chambers of Commerce (GBCC) play a crucial role. We have been in business, for business, since 1813 – you don’t get much more consistent than that.

In the coming weeks, we will continue to advocate for the recommendations of The Business Commission West Midlands: A Roadmap for Business Growth.

Our engagement with local and central government will ensure that the voices of West Midlands businesses are heard.

Despite the challenges, there are plenty of reasons to be optimistic about the future of business in the West Midlands.

Last Friday, we celebrated the Solihull Business Awards, honouring the outstanding achievements of companies like UB Healthcare, Evac+Chair International, and our overall winner, MAN Group. These businesses are a testament to the drive and innovation that define our region.

And there are exciting initiatives ahead such as this year’s Women Entrepreneurs Pitch Competition, in partnership with NatWest and the British Bank, which creates a platform for women entrepreneurs to build investor networks, hone their pitching skills, and attract the investment they deserve.

The growth potential of our business community is alive and well, and we are committed to helping unleash it.

As we move into the Autumn, the road ahead may have a few bumps on it, but it is also filled with potential.

We look forward to continuing to ramp up our work with our members to ensure that the West Midlands is a thriving hub of business innovation and growth.

And you can join us in championing the future of business in the West Midlands. Whether it's attending our flagship Greater Birmingham Business Expo at Edgbaston Stadium on 3 October, participating in the Women Entrepreneurs Pitch Competition, or engaging with our policy advocacy work, your involvement is crucial.

Let’s seize this moment to shape a positive, prosperous future for our region.

Henrietta Brealey is chief executive of Greater Birmingham Chambers of Commerce

This column first appeared in the Birmingham Post