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Birmingham Post
Birmingham Post
Business
Alistair Houghton

'No pain, no gain' - West Midlands reacts to Autumn Statement as firms call for more levelling up and hospitality support

The Autumn Statement didn't go far enough to help businesses -that's the message from many in the West Midlands as the region digested the latest moves by Chancellor Jeremy Hunt to curb inflation and help the economy to grow.

The Chancellor vowed to put the UK on the path to stability as he announced tax increases and spending cuts. But the UK has slumped into recession, with the economy expected to shrink 1.4% in 2023.

Inflation is expected to be 9.1% over the course of this year and 7.4% next year, meaning the cost of living crisis will go on. And it's been estimated that a majority of UK households will be worse off as a result of today's announcements.

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