Chancellor Rachel Reeves met with the British Chambers of Commerce (BCC) Business Council, attended by Thames Valley Chamber of Commerce (TVCC) and North East England Chamber, who were representing their members and local economies in the Accredited national Chamber network.
The Business Council meeting was an opportunity for the Chancellor to discuss the recent budget and policy measures that have received a mixed reception from the business community. Discussions included the planned rise in employer national insurance contributions and the Making Work Pay Bill.
The Chancellor outlined the priorities for the new Government and the role of business in contributing to the Government’s Industrial Strategy consultation, which is expected to be published in Spring 2025. The meeting also discussed non-fiscal measures and the direction of travel for Government in fast tracking devolution and empowering decisions in city regions.
It was the second time the Chancellor has met the BCC Business Council, having previously attended its inaugural meeting when in opposition in September 2023. TVCC are one of 52 Accredited Chambers in the UK and represent Berkshire, Buckinghamshire, Oxfordshire and Swindon.
Martha Lane Fox, President of the British Chambers of Commerce and Chair of the Business Council, said:
“There’s no hiding the reality that the Budget was tough for business. Millions of firms are now facing a raft of increased costs in the coming months.
“Higher bills will impact on investment and recruitment. Our latest forecast also suggests the ripples will be felt across the wider economy.
“With costs rising it is vital the Government delivers on its promise to create long-term frameworks for economic stability. Upcoming strategies on industry, infrastructure and trade have the potential to accelerate business investment and growth.
“Today’s meeting shows the power of the BCC and its members, to engage in partnership with Government at the highest level, to discuss the challenges the economy is facing.
“Building business confidence requires rapid, decisive, and inclusive government action to unlock much-needed investment to power growth.”
Rt Hon Rachel Reeves MP, Chancellor of the Exchequer said:
“It was a pleasure to attend the British Chambers of Commerce’s Business Council today to discuss long-term plans to boost economic growth.
“My Budget was one to wipe the slate clean in the face of an inherited £22bn blackhole and bring businesses the stability they desperately need. It involved difficult decisions, but has laid the foundations for growth, and our partnership with business will be vital to delivering that.
“This government will bring investment and reform to kickstart economic growth and improve living standards across Britain.”
Paul Britton, Chief Executive TVCC said:
“Locally and nationally the political independence of the Accredited network and the convening power of the BCC means that policies can be discussed on merit, with views from across all sectors, size of business and from across the whole of the UK.
The eyes of Government are on city regions outside of the South-East, and that makes it even more important for the Thames Valley to have a voice in these influential meetings. We appreciate the input from our established Thames Valley Assembly which is mobilised for consultations and these opportunities to influence national policy. We have further work to do in shaping the Governments industrial strategy, and consultations on business rates reform”.
The Chamber have written to The Rt Hon Rachel Reeves and the letter can be seen here
