2022 Spring Statement - the business reaction

Business groups have responded to Chancellor Rishi Sunak's Spring Statement speech.

23 Mar 2022

Business groups have responded to Chancellor Rishi Sunak's Spring Statement speech.

Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: 'The Spring Statement falls short of the action businesses needed to see. While there are some positive announcements that firms will welcome, it did not fundamentally address the huge cost pressures they are facing.'

The Confederation of British Industry (CBI) warned that the measures announced by the Chancellor 'don't do enough to tackle the current challenges facing firms'.

Tony Danker, Director General of the CBI, said: 'The Chancellor is right that the government can't solve every challenge. However, the only enduring response to inflation, energy prices and cost of living challenges is a relentless campaign for economic growth.'

The Trades Union Congress (TUC) said that the Chancellor did not provide the urgent help with soaring bills that families need. Frances O'Grady, General Secretary of the TUC, commented: 'In the midst of the biggest wages and bills crisis in living memory, Rishi Sunak's Spring Statement has failed families who need help now. And the rise in the national insurance threshold will mostly benefit better-off households.'

Meanwhile, the Federation of Small Businesses (FSB) said that it was pleased to see the Chancellor adopt its recommendation of uprating the Employment Allowance to help small employers with national insurance costs.

Martin McTague, National Chair of the FSB, said: 'We originally put forward the Employment Allowance as a targeted measure to help small firms, and it has now been expanded three times since its creation.

'Together with a cut to fuel duty, these measures will provide crucial breathing space for our embattled small employers.'

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