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The Business Magazine July 2024
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Reeves' plans welcomed by Coventry and Warwickshire Chamber chief

Corin Crane - picture contributed
Corin Crane - picture contributed
31 January 2025
Corin Crane - picture contributed

The chief executive of the Coventry and Warwickshire Chamber of Commerce has welcomed Chancellor Rachel Reeves' growth plans, saying they provide a "positive direction of travel" but that it was "vitally important" that momentum was maintained.

In particular, her announcement about investment in infrastructure and regional economies was "music to businesses' ears", suggested Corin Crane.

READ MORE: Freeths advises on 70 deals ahead of Chancellor's Budget

"Since the Budget last year, businesses have been wondering what the payback was going to be on the additional cost burdens they are shouldering," he said.

"This announcement around investment is music to our ears and businesses will welcome the initial boost to the economy but also the longer-term, positive impact on productivity and growth.

"It will hopefully provide an injection of confidence into companies across the city and the county. Our most recent Quarterly Economic Survey showed that the outlook for our region was more optimistic than the national average, but it had still taken a hit."

Reeves' announcement on Wednesday included plans for a third runway at Heathrow airport, a growth corridor between Oxford and Cambridge and the relaxation of planning constraints.

Shevaun Haviland, director general of the British chambers of commerce (BCC), added: "Expanding our international airport capacity, investing in modern roads and railways, and rebalancing the planning system all send signals that the UK is building for a better future."
 
She added: "We must also use this moment as a springboard to develop further ambitions around large scale infrastructure projects like Sizewell C, additional elements of Northern Powerhouse Rail, the Ely/Haughley rail junctions and the Rampion 2 windfarm must also be greenlit."

Haviland said that while projects on this scale may take years to complete their economic impact was "much more immediate".

"They give firms involved in their supply chains real confidence to start planning and making their own investment decisions. 
 
"But we must make sure the reality does not fall short of the promise.

"We must have action to back up the words and make sure this commitment sticks. That means getting on with these projects as soon as possible and delivering them quickly and effectively."


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Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.

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