Budget 2020: What will it mean for your business?

Sajid Javid’s first Budget on March 11 could be the most significant in years.

The Chancellor is expected to unveil a strategy to boost the North in response to the Conservatives’ election success in capturing northern Labour seats such as Workington and Barrow and Furness.

There may be major opportunities for Cumbrian businesses.

RSMTo help you understand the implications, we are hosting a Budget Breakfast Briefing in Kendal on Friday March 13 in partnership with RSM the audit, tax and consulting service providers.

This is a free event but you must register to attend here.

Delegates arrive at the Castle Green for breakfast from 8am. The presentations begin at 8.30am and will conclude by 10am.

Rob Johnston, Chief Executive of Cumbria Chamber of Commerce, said: There is no doubt that this is a watershed Budget that will set the tone for Government policy over the next five years.

“Businesses will be looking to the Chancellor to boost confidence and stimulate growth at a time when the UK economy remains weak.

“Firms of all sizes need to see measures to alleviate the burden of high up-front costs and to boost investment, and the Chancellor must outline how he will make good on an election promise to reform business rates.

“We’re encouraged by media reports that the Government is looking to change the funding formula for roads, flood defences and other big infrastructure projects in a way that should benefit Cumbria.

“The current formula favours cities, especially London, where there are concentrations of people and property values are higher.

“Change could open the door to some of the road schemes we’ve been asking for such as the Whitehaven Relief Road, Ulverston bypass and Kendal Northern Access Route.

“We also need clarity on energy policy – in particular the funding formula for nuclear new build – to revive the proposals for Moorside.

“And we’re still waiting for details of the UK Shared Prosperity Fund, which will replace EU structural funds after Brexit. These underpin much of the business support provided by the Chamber’s Cumbria Business Growth Hub.”

Rob added: “We’re delighted to have RSM on board as partners for our Budget Breakfast Briefing. We know from experience that they can drill down through detail and interpret it in a way that is clear and relevant.

“It should be a very worthwhile session.”

To reserve your place, click here.

For more information, email our business development manager Derek Armstrong at derek@cumbriachamber.co.uk or call him on 07841 743066.

© Cumbria Chamber of Commerce