Responding to last week’s financial statement (Thursday, 17th November 2022) by Chancellor of the Exchequer Jeremy Hunt, the Chair of Greater Brighton Economic Board, Cllr Phélim Mac Cafferty, said:
“Businesses and households across the region will face an even greater challenge to pay their bills next year as a result of the inaction by the Government. While the commitment to extend energy support is welcome, with a recession now confirmed, there will be many more people already struggling to make ends meet in the face of soaring inflation, who have today been told that they should expect to pay more for their energy and in taxes.
“There are features of the budget that can be applauded, like the increase in the national living wage. Much more support from the Government is needed for businesses, in particular for our many small and micro businesses in the region.
“As an economic board, we are acting as urgently as we can to help local businesses survive another period of turbulence and we have commissioned a study to analyse the impact of the cost-of-living on our businesses and one million residents. We will use this information to determine how best to help businesses and households through this extremely challenging period.
“We are pleased that the commitment made today will see the funding for Levelling Up rounds one and two fulfilled, but further targeted investment in our industries is needed if we are to grow the economy and achieve Net Zero. A bold plan from the Government is needed to help the innovators of Greater Brighton and the rest of the UK to solve the energy crisis by accelerating our switch away from coal, oil and gas into cleaner, cheaper alternatives.”