Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“The budget is not as comprehensive as the Autumn Statement in economic terms, but does contain a number of positive measures to tackle challenges surrounding investment and growth, including the increased VAT threshold and access to finance for SMEs. For investment to improve in the long-term and support a growing, innovative economy, interest rates and inflation will need to fall further still.
“Despite the Chancellor mentioning in the introduction to the budget that he wanted to build a ‘high wage, high skill’ economy, detailed measures to tackle the ongoing skills shortage in the private sector were notably absent within today’s statement. In Q4 of 2023, almost two thirds of businesses in Wales experienced difficulties in finding suitably skilled staff and only 16% increased their investment in training. This is a frustrating barrier to long-term economic and skills growth for Welsh businesses and an area where support would have been welcomed.
“It is promising, however, that both Welsh Labour leadership candidates are championing skills and business support within their manifestos and businesses in Wales will be hoping to see these measures actioned once the new leader is elected.”
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