Andy Haldane, former chief economist at the Bank of England and now president of the British Chambers of Commerce, has urged Chancellor John Healey to take action to support businesses in north-east England ahead of the upcoming Budget. Haldane emphasized the need to reduce costs for local firms, which he said have faced significant financial pressure over the past decade. He also called for greater devolution of power and funding to local leaders, including Sunderland mayor Kim McGuinness, to enable them to drive regional growth.
Haldane highlighted the region's potential in sectors like clean energy, offshore wind, AI, and advanced manufacturing, stating that the growth opportunities in the North East are as strong as anywhere else in the UK. Local business leaders echoed his concerns, with John McCabe, chief executive of the North East Chamber of Commerce, pointing to rising costs of taxation and compliance as major challenges for employers.
Natasha McDonough, founder of Sunderland-based MMC Research, urged the chancellor to provide more support for startup businesses. She noted that many people are running side hustles that could expand into larger ventures with the right encouragement. A Treasury spokesperson confirmed that the chancellor is focused on providing relief for families and businesses, supporting jobs, and fostering growth across all regions.