Phil Smith, managing director of Business West, the organisation behind Bath Chamber of Commerce, said while the Budget offered a number of initiatives that were likely to benefit the region’s businesses it lacked any measure that would tackle big issues such as transport, housing and infrastructure.
“The creative and hospitality industries, which are significant contributors to the South West’s economy, should welcome the Chancellor’s specific tax measures to support them,” Phil, pictured, added. 
“We also welcome the news that the government has reached agreement with Hitachi to purchase the Oldbury-on-Severn site in South Gloucestershire.
“Development of this site could generate thousands of jobs and help boost the economy. It also further underscores our region as a clean energy hub.”
The recovery loan extension should help the region’s small-to-medium sized businesses navigating challenging times, and some should benefit from the change in the VAT threshold, he said.
“However, what the region is still lacking is a long-term strategy that helps support a strong economy and our businesses and communities to thrive,” he said.
“We need initiatives that address fundamental structural issues, such as low productivity and sluggish growth.
“We know our region’s businesses want significant action on key issues like transport, housing and infrastructure, something that was lacking in this spring budget.”
For Ben Shorrock, managing director of the region’s technology network techSPARK, there was little for the sector to celebrate.
“Although the Chancellor made encouraging noises about the tech sector’s importance to our regions and nations, there has been little real investment to show for it,” said Ben, pictured.
“New devolution deals and specific investments in green tech and manufacturing are encouraging, but ultimately, they are not amounts that move the needle.”
He said it was relieving to see the government U-turn on angel investment rules, which would have made it even more difficult for women and other diverse founders and investors to be part of the investment ecosystem.
“Enabling more investment from pension funds and supporting tech businesses to list is a move in the right direction but a small part of the overall picture,” he added.
“The recent EY Regional Economic Forecast makes clear that places with strong tech communities grow faster than those without.
“Focusing on building tech communities throughout the UK would make a real difference to the economy and people’s lives."
