Ahead of the government’s Spring Statement on 26 March 2025 and Comprehensive Spending Review due in the summer, Hampshire Chamber of Commerce is calling on the Chancellor of the Exchequer to prioritise the restoration of business confidence.
Ross McNally, Hampshire Chamber’s Chief Executive and Executive Chairman, said: “To achieve strong and consistent economic growth here in Hampshire and across the country, the government must focus on three key areas of investment: the transformation of skills; improvements to digital and physical infrastructure; and enabling greater access to global trade.
“Our regional business community, represented by Hampshire Chamber as the voice of business in the corridors of power, is ready and willing to partner with the government and play our part in securing these priorities.
“Progressing them in consistent, sustainable ways is essential to help our firms invest and grow at a time of such huge economic and geopolitical uncertainty.
“On physical infrastructure, we welcome the government’s green light for an improvement scheme for Junction 9 on the M3 near Winchester. Ministers now need to look at other transport ideas that will similarly help to keep trade flowing, support jobs and underpin investment in our high-value sectors.
“On digital infrastructure, the government should provide additional long-term funding and practical support to help small and medium-sized businesses (SMEs) adopt Artificial Intelligence. This would boost productivity and growth and enable more SMEs to share in the huge potential of the digital revolution.
“On skills, we continue to make progress with the two Local Skills Improvement Plans (LSIPs) for Hampshire. They are all about addressing gaps in training provision so that workplaces can find and retain the talent they need and young people can progress their career development. To strengthen this activity, we call on ministers to champion employer-led engagement, extend investment in LSIPs and bridge the gap between education and work.
“On trade, the government needs to maintain support for Solent Freeport through forward funding, recognise and back Hampshire’s strengths in defence, security, advanced manufacturing and other key sectors, and work with us to develop a pipeline of investment.
“In responses to our quarterly surveys and informally and anecdotally, the message from our members is clear: business success is the only way to generate the wealth needed to invest in public services, tackle the challenge of green innovation and achieve lasting prosperity for all.
“Yet, we currently face a potentially toxic mix of above-target inflation, rising energy prices, a weak economy, downgraded growth forecasts, and looming hikes to employer National Insurance, minimum wage and other ‘cost of doing business’ payments.
“And this is all now coupled with the spectre of US-imposed tariffs triggering international trade wars that simply choke business growth and hit confidence across financial markets.
“Ministers should not assume that business can simply shoulder the burden alone. Government and business must work in partnership if we are to keep Hampshire and the rest of Britain working, trading and thriving in what is an increasingly pressurised global business environment.
“Because of our extensive influence, connections, knowledge networks, business intelligence and strategy groups, Hampshire Chamber is ideally placed for direct dialogue with policymakers so that together we can turn ambition into action.
“Especially with regional devolution round the corner for Hampshire and the Solent, we call on ministers to work with us as the voice of business to unlock our region’s potential and help put the talents of our amazing people and businesses on a global stage.”
The Spring Statement, sometimes known as the ‘mini-budget’, is a response given by the Chancellor in Parliament each year alongside the publication of economic forecasts. This year’s statement takes place on Wednesday, 26 March 2025.
A Comprehensive Spending Review is the process the government uses to set departmental budgets for future years. It covers all kinds of services including business support and sets out how the government will invest to drive economic growth. This year’s review is scheduled to be completed in June 2025.
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.