Welsh business chief welcomes Autumn Statement measures

Paul Butterworth said he was pleased the Chancellor had 'listened to calls to help businesses tackle the current economic challenges by offering solutions to the ongoing investment problem'.

"We welcome the remedies of providing some certainty for companies wanting to invest," he said. "Businesses in Wales would have been looking to today’s Autumn Statement for a clear strategy and actions to improve long-term growth and boost investment and today’s Budget is a positive sign that businesses were wanting.

“We are delighted to hear the Chancellor championing ambitious SMEs and our high street businesses, providing useful measures that alleviate the cashflow problems they face in terms of ending late payments and making full expensing permanent to support SMEs in the short-term and incentivise investment in the long-term.

“The ongoing skills shortage is a concern for many businesses in Wales with over three quarters (77%) of Welsh businesses experiencing difficulties recruiting suitable skilled staff in Q3 of 2023, according to our Quarterly Economic Survey.

"Training and upskilling employees is a vital cog in economic growth for Wales and the government’s plans to support people back into work has the potential to help grow the economy. Supporting local business investment is the lifeblood of local economies, creating jobs and supporting public services.

“The new investment zones are a welcome sign that Wales’ potential is being taken seriously and the grid upgrades will be welcome news to businesses in the transition to achieving the net zero ambitions Wales has. The Chancellor has today taken a step in the right direction, but nothing can be taken for granted and we must all continue to focus on encouraging companies to grow.

“With forecasts predicting small growth increases of 0.6% this year and 0.7% in 2024, firms will be hoping that the 110 measures planned by the chancellor to help grow the economy will come to fruition.”