North East LEP reaction to Spring Statement 2022

“Against a very challenging backdrop of rising costs for people and businesses, and declining growth rates and living standards, Chancellor Rishi Sunak’s announcements will help relieve some of the pressure in areas like fuel prices and employee costs, and local authorities will have more money to help vulnerable people. He also announced spending to support small businesses with employment costs and business rates, which we welcome.

“However some of the big investments which could have accelerated growth in the North East will await the Budget. We also expect to see more detail on regional policy issues, including detail on the UK Shared Prosperity Fund, later in the year.

“We look forward to learning more about the planned consultation on areas including skills support, the apprenticeships levy, innovation performance and capital allowances for investment. These are important areas for focus if we are to see sustained long term growth.”

Richard Baker, Strategy and Policy Director at the North East Local Enterprise Partnership