Coventry and Warwickshire business leaders have welcomed the ‘encouraging words’ from the Queen’s Speech but say firms across the region will be looking for definitive detail on generating growth and investment from the new government.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said companies across the patch will be happy to hear the agenda is moving on to domestic economic policies.
But she cautioned that businesses will want to see that converted into a long-term plan for future growth.
She said: “Businesses feel like they have been campaigned at for the past few years with so much political upheaval, general elections and Brexit.
“The Government must now start to move out of that campaigning mode and present detailed plans to get our economy growing and give businesses the confidence to invest for the future.
“When it comes to Brexit, businesses are glad to have a degree of clarity over the timetable but they certainly want to avoid any cliff-edges and have a very serious future plan for our relationship with our closest and biggest trading partner.
“They also want detail on how immigration is going to work for companies in a post-Brexit world and ensure that any new system doesn’t result in delays and red tape that will hinder growth.
“Businesses will welcome the Trade Bill and will want it to produce an ambitious plan for growing international trade all around the world with greater support for our overseas traders.
“The additional discounts to business rates will be a very welcome short-term relief for those companies affected but it cannot come at the cost of a comprehensive review of the system that has been discussed for years and is yet to be delivered.
“So while the words are encouraging, we need to see a full package of fiscal measures in the New Year that help reduce the upfront costs of doing business and will help to stimulate the business investment that our economy is crying out for.”