Chancellor stalls on Enterprise Zones in uninspiring Budget for East Midlands
The Chancellor failed to provide any further clarity on the locations for new East Midlands Enterprise Zone in his Budget speech this afternoon.
In a largely uneventful set of announcements – most of which had been leaked before Jeremy Hunt’s speech – there was very little detail for the East Midlands to get excited about.
On Enterprise Zones, the Government says it will announce further details about where they’ll be in the East Midlands “shortly”.
The only other mentions of the East Midlands in the Treasury document was around funding for the development of cultural projects in places previously prioritised for levelling up investment but which have not to date received levelling up funding, including in High Peak and Erewash. Meanwhile, the Nottingham suburb of Carlton will receive around £20m as part of the Long-Term Plan for Towns programme, while Hucknall will get £10m from the Levelling Up fund.
East Midlands Chamber’s director of policy and insight Chris Hobson, said: “Anything that can help small and medium enterprises is always welcome to see in the Budget and an increase in VAT threshold should ease some pressure. Investment announced for the High Peak and Erewash area was good to see, too, while the High Income Child Benefit Charge set to become household-based feels fairer.
“On the flip side nothing was really said about skills, sustainability, or any credible strategy for growth; things that could have real benefit to businesses in this area. This was largely echoed in a Round Table discussion of East Midlands business leaders we held where the overall vibe was very much that this was a mostly timid ‘keep the ship steady’ kind of Budget.
“Real tangible investment is long overdue in the East Midlands in areas like infrastructure and skills. We look forward to taking our Manifesto for Growth 2024 to Westminster on Monday 11th March which clearly presents the asks that businesses need.”
This was not a Budget that will live long in the memory in a bid to transform the East Midlands as we head towards a General Election.
