Newcastle NE1 tells us their hopes for the spring statement
The Chancellor will be delivering the spring statement later today
The Business Improvement District for Newcastle city centre tells us about their hopes and concerns for the spring budget.
Chancellor Rachel Reeves will be delivering the spring statement 2025 later today in the House of Commons.
Stephen Patterson, Chief Executive of Newcastle NE1, said: "1st of April we’re going to see a rise in minimum wage, rise in national insurance contributions, a lowering of the national insurance threshold.
"All these things are making it difficult for business, so we don’t want to see any more tax burden placed on businesses.
"We want businesses to grow, we want them to employ more people, but they can only do that on foundations of solid finance.
"If the taxes are taking that money away from businesses, it means that they have less money to grow and less money to employ people.
"We are already seeing businesses closing and handing back their keys.
"I would say the hardest pressed sector is most definitely the hospitality food and beverage sector.
"There’s a lot in the press about the changed economic environment. We know that the economy is doing worse than we thought. That translates into lower tax receipts for the Chancellor.
"Ultimately the Chancellor is faced with two choices. She can put up tax and bring more money in or she can cut costs and spend less.
"What I would like is a period of stability for business. No new taxes, no knee-jerk reactions. It would be good just to be given the opportunity to adjust and have that consistency to trade."
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