Responding to the Chancellor’s Spring Statement on Tuesday 3 March 2026, Ross McNally, Hampshire Chamber’s Chief Executive and Executive Chairman, said:
“This was a missed opportunity to restore confidence. We wanted to see meaningful and practical measures to boost productivity, investment and demand and make the costs of doing business more bearable.
“Instead, the Chancellor simply shared forecasts, locked down on previous announcements and signalled no new or significant policy tools such as tax cuts, incentives or structural reforms.
“That backdrop simply leaves firms feeling unsure about how, together, we can unlock the long-term private-sector growth that our region and country so badly need.
“While we understand the focus on fiscal discipline, it was all far too government-centric rather than economy-centric.
“Whatever the headline growth forecasts, businesses want to see pro-growth levers actually being pulled or we risk stalling investment and job creation.
“While Rachel Reeves reinforced the government’s commitment to support skills and apprenticeships, you need business confidence for that, reinforced by industrial strategy, but there was no mention of that.
“We wanted to see far more practical support announced for firms facing cost pressures and economic headwinds to avoid a flatlining economy.
“Despite the fiscal responsibilities she updated Parliament on, the growth forecast doesn’t mean anything for businesses that are struggling.
“They will be paying higher tax for the foreseeable future. The Statement hasn’t done anything to change that.”
About Hampshire Chamber of Commerce
Hampshire Chamber of Commerce is the independent voice of local business across the county and one of the largest regional business networks in the UK. With a strategic vision to ‘unlock Hampshire’s potential’, Hampshire Chamber brings together the combined influence, strength and expertise of the county’s three former major chambers. It works with over 2,000 individual firms spanning all sectors and sizes of business. Member services include training, advice, international trade documentation, events, networking opportunities and lobbying to policymakers on issues affecting business. Hampshire Chamber’s business network is designed to help any employer to grow and thrive irrespective of their stage on the enterprise journey.