Business i - October Bulletin
Welcome to the October edition of Business i.
This autumn, attention has turned sharply towards Westminster. October brought national policy updates alongside some major milestones for our region.
The Budget
The British Chambers of Commerce was very vocal ahead of the autumn Budget.
With the Budget now revealed, it’s encouraging to see targeted support for businesses through measures on energy costs and business rates relief despite the backdrop of significant fiscal constraints.
We are also pleased to see the West of England recognised with £10 million of funding for Bristol Temple Quarter, a clear vote of support for our region's potential, alongside a welcome focus on investment, growth, and strategic sectors like defence and life sciences where our region has real strengths and ambitions.
Businesses will be happy to see no major changes that would see their costs rise. However, there were no big policy announcements that would inject fuel into a business sector that is well placed for growth.
The latest on devolution
Devolution and regional investment were major features of the budget as well. For example, alongside £752 million in transport funding to advance mass transit across the region, the West of England secured £14.5 million for good growth, £65 million for the Future Places Fund, as well as a raft of other investments.
The West of England is also included in the first wave of new Mayoral Strategic Authority Business Rates Retention Zones, backed by a roadmap toward 100% retention by the decade's end.
Across the wider South West, it was a watershed moment: Cornwall is recognised as a single strategic authority, while devolution deals advance for Devon, Plymouth and Torbay, Thames Valley (incorporating Swindon and Oxfordshire), and Wessex (covering Wiltshire, Dorset, and Somerset).
Festival of Flourishing Regions
Devolution will be a core theme for our upcoming Festival of Flourishing Regions, which I am pleased to confirm will take place on the 4th March next year. We are looking forward to delivering another impactful gathering; if you are interested in sponsoring, do let us know.
In the meantime, TheCityUK’s National Conference is taking place in Bristol on the 19th November when they will be exploring how a devolved government can accelerate economic growth and unlock new opportunities across the UK.
International Trade Week
With International Trade Week kicking off on 9th November, our International Trade Services team have been working hard showcasing their expertise both at home and abroad.
Commercial Director James Monk joined a panel at the BCC Trade Facilitation Forum in Liverpool to discuss chamber collaboration and the future of trade services.
Elsewhere, members of our team travelled to Stockholm to train Swedish chambers on Free Trade Agreements, rules of origin, and ATA Carnets.