Responding to the King’s Speech, Shevaun Haviland CBE, Director General of the British Chambers of Commerce, said:
“Today’s King’s Speech had some positives for business with action to tackle late payments, simplify trade with the EU and strengthen apprenticeships.
“These steps can make a real difference to cashflow and confidence on the ground.
“But there are also significant gaps where the Government has not gone far enough. Businesses will be disappointed to see no clear progress on reforming business rates, which remain a major cost burden for firms across the UK.
“With the Middle East conflict ratcheting up cost pressures, this was a critical opportunity to deliver meaningful change and give companies the certainty they urgently need.
“While measures on simplifying regulation and resilience are encouraging, firms need to see faster progress on grid reform, infrastructure and planning.
“Crucially, although there was a great deal of emphasis on the UK’s economic security there was little detail on strengthening our supply chains. In an increasingly volatile global environment, this must be a priority.
“Increasing the UK’s productivity is also a conundrum the government has yet to fully address, so any further changes to apprenticeships and skills must put employers’ needs at their heart.
“Businesses want to work in partnership with Government to deliver growth. That means meaningful consultation, clear policy direction, and a relentless focus on reducing costs, boosting investment and improving competitiveness.
“The sooner we see that translated into action, the better the prospects for firms and the wider economy.”
Luke Hanratty, Partner, Saffery, comments:
“Some of the measures announced in the King’s Speech should be broadly welcomed by SMEs across the Thames Valley, particularly the proposed Late Payments Bill. Cash flow remains one of the biggest pressures facing growing businesses in sectors such as technology, manufacturing and professional services, so any measures to introduce mandatory payment terms and stronger penalties for late payment are beneficial to their financial resilience.
At the same time, reforms aimed at simplifying regulation and streamlining competition investigations may reduce compliance burdens and create a more predictable environment for businesses looking to scale, attract investment and adopt new technologies.”
More detail on the King’s Speech can be found here.
