The North East’s largest business organisation has urged the Government to implement measures to boost the region’s economy and improve living conditions. The North East Chamber of Commerce has formally addressed Chancellor Rachel Reeves ahead of the upcoming Budget on 30 October, highlighting critical areas requiring attention, including transport, overseas trade, reducing child poverty, and enhancing skills.
In its detailed proposal, the Chamber has reiterated its call for the re-opening of the Leamside rail line and has advocated for a fundamental reset of the trading relationship with Europe. The members of the Chamber are particularly focused on securing better funding for local colleges and have also called for a comprehensive review of the business rates system.
John McCabe, the chief executive of the North East England Chamber of Commerce, emphasised the significance of the forthcoming Budget. He stated, “All Budgets are important but this one will be particularly noteworthy given it is the first to be delivered under your historic chancellorship and the first from your party in more than 14 years. I am firmly of the opinion the North East has a significant part to play in a decade of national renewal and I hope you will take the opportunity of your budget to send a clear message to this region’s business community that you are of the same mind.”
The North East Chamber of Commerce represents over 2,000 members, accounting for around 40% of the workforce in Northumberland, Tyne and Wear, County Durham, and Teesside. The Chamber is committed to fostering a North East that is not only stronger but also fairer. McCabe highlighted the fiscal challenges faced by the Government but also pointed out the unique opportunities and resources available in the region that can contribute to economic growth.
Earlier this year, the Chamber’s Quarterly Economic Survey indicated a growing sense of optimism among North East businesses. There were fewer concerns about costs and recruitment, with more companies planning to invest in their operations. However, this positive outlook was recently tempered by a sharp rise in unemployment figures, marking the largest employment decline in the UK over the past year. This dual scenario underscores the urgent need for targeted economic interventions in the North East.
The Chamber’s submission underscores the potential for the North East to play a pivotal role in the nation’s economic revival. By addressing key issues such as transport and trade, and by investing in skills and education, the Government can stimulate growth and create a more equitable economic landscape in the region.
Thus, the North East Chamber of Commerce’s latest submission to the Chancellor stands as a comprehensive call to action, emphasising the need for strategic investments and reforms to foster economic growth and equity in the region.