Autumn budget "must provide balance" for businesses in Herefordshire and Worcestershire, says Chamber of Commerce
The public sector pay freeze is expected to be scrapped
Last updated 27th Oct 2021
The Herefordshire and Worcestershire Chamber of Commerce says the Autumn budget "must provide balance" for businesses across the region.
It's expected the Chanellor will end the public sector pay freeze and increase the wages for millions of workers in the budget today.
The national minimum wage and the national living wage is to be increased, however experts believe this won't remedy the increase in the cost of living or the cuts to Universal Credit.
Businesses across Herefordshire and Worcestershire will be expected to pay workers more and the Chamber of Commerce is calling on the Government to counter-balance these higher costs.
"The budget will no doubt have an impact on the cost of pricing", says Robert Elliot, Director of Business Development and Engagement at the Herefordshire and Worcestershire Chamber of Commerce.
"This will be a direct correlation to raw material prices and to the cost of increased wages.
"Equally this could mean pricing of things may remain fairly cinstant for a period of time and it's almost essential for price increases to come in to allow businesses to manage their cash flow."
Brexit has been "simmering in the background" according my Mr Elliot.
He explains that it has "100% had an impact" on businesses across the region which are causing them a number of challenges.
"Those challenges are certainly in the supply chain.
Global demand as increased and as a result global supply has been put under pressure.
"Whether people are importing raw materials to produce and then export again or whether they are trying to source raw materials from across the globe then we have found that has been a huge pressure.
Rishi Sunak will announce the Autumn budget in the House of Commons at at 12.30pm.