Budget 2024
The Chancellor has set out a tax-raising Budget aimed at restoring public services, with the biggest single contributor to the cost being business, in the form of increased employer contributions to National Insurance, expected to raise £25bn. Together with the anticipated impact of changes announced in the Employment Rights Bill and an increase in the National Minimum Wage businesses will be facing serious challenges. We will be poring over the small print of the Budget but will always be interested to hear Members’ views and reactions so please do feed these through to Iain McNab, Head of Policy at Essex Chambers - iain.mcnab@essexchambers.co.uk or call 07929 522 951.
There will be a FREE Webinar open to all Members at 1.00pm on 7 November at which the Policy Lead from the British Chambers of Commerce will offer insights into the Budget and what it means for our area.
Industrial Strategy
The government has published a Green Paper prior to developing a new National Industrial Strategy and is seeking the views of business and others. At the Chambers we will welcome comments from Members, who may also wish to respond directly to the consultation, which closes on 24 November.
Devolution for Essex
Following the submission of an expression of interest in a devolution deal we understand that the three local authority leaders – of Essex, Southend and Thurrock – have met the government minister responsible for devolution and have been encouraged to continue to develop proposals for a deal covering the whole county. They will want to see further guidance from government on what their expectations are and what levels of government support different types of deal could attract – so for the time being we have to wait and see what emerges. But the Chambers view remains that a full mayoral deal offers the best chance of securing control over the direction of growth in Essex and the resources to help deliver it.
Here is the slidepack again which sets out the key points in regard to the devolution process.
If you wish to know more about devolution and what it could deliver for business or to get involved in helping the business voice be heard please do get in touch with Iain.
Lower Thames Crossing
A decision on the development consent order for the Lower Thames Crossing (LTC) was not taken in early October as expected but has been deferred until at least May 2025. Whilst disappointing, the delay could mean there is more time to assemble a funding package which would make a positive decision next year more likely.
The Chambers has been a strong supporter of the new crossing, believing it is desperately needed. It would tackle congestion and unlock economic growth over a wide area by almost doubling road capacity across the Thames to the east of London. Congestion at the existing Dartford Crossing costs the UK economy more than £200m per year in lost productivity and leads to delays and diversions for freight travelling to every corner of the country. The new crossing would link the North and Midlands with South East ports and add up to £40bn to the economy as well as boost jobs and skills. A key point we have continued to make is that although Lower Thanes Crossing will be built in the South East it is for the whole country and should be seen as a vital national asset.