What do North East businesses need from the Budget?
What do North East businesses need from the Budget?
Luke Walton - North East and Cumbria political correspondentSun, October 25, 2026 at 10:00 AM UTC
0
Sunderland-born Andy Haldane, former chief economist at the Bank of England, wants to see lower costs for businesses
A leading economist has called on Chancellor John Healey to do more to help local businesses in the upcoming Budget.
Sunderland-born Andy Haldane, former chief economist at the Bank of England, said north-east England firms had faced a "huge squeeze over the last 10 years".
Haldane, now president of the British Chambers of Commerce, called on the government to lower costs for businesses and devolve power and funding to the local level.
A spokesperson for the Treasury said the chancellor was "fully focused" on giving "businesses a bit of breathing space". Healey will set out Labour's tax and spending plans when he delivers his first Budget on 28 October.
Haldane said: "We need to give local leaders here in the North East, the mayor Kim McGuinness, the powers they need to be master of their own destiny.
"This region of the UK has huge latent potential, some fantastic business foundations around clean energy and offshore wind, around AI, around the advanced manufacturing.
"The potential for growth here is as great as in any region in the UK."
Advertisement
John McCabe says costs for businesses need to be cut in the Budget
Local business organisations have also called for measures to support employers.
Chief executive of the North East Chamber of Commerce, John McCabe, said: "It's a really tough time for business right now, with rising costs, particularly the costs of taxation, the costs of compliance with legislation.
"So those costs have got to be cut."
Meanwhile, founder of Sunderland-based market research firm MMC Research, Natasha McDonough, called on the chancellor to do more to encourage start up-businesses.
"There's a lot of people out there who are running full-time jobs and they've got what we now call side hustles.
"But actually, these are sensible businesses that could turn into something bigger."
The Treasury spokesperson added: "The chancellor is fully focused on his priorities, to give families and businesses a bit of breathing space, back British jobs, and drive growth in every postcode, underpinned by a commitment to meet the fiscal rules."
Follow BBC North East on X, Facebook, Nextdoor and Instagram.
-
What is the Budget and what could be in it?
British Chambers of Commerce
North East Chamber of Commerce
Source: “AOL Money”
