Local Economy of the Future
LOCAL ECONOMY OF THE FUTURE
Businesses drive economic growth
Building British Business: Making Britain the best place to build and grow a business
Thriving businesses create a thriving economy that funds our public services and supports the most vulnerable members of society.
Economic growth must be a core objective for any government, in order to drive prosperity for people across the United Kingdom. At its heart, this growth must be driven by local communities and the businesses within them.
Small and medium-sized enterprises (SMEs) account for 99.9% of the UK’s business population, three fifths of the employment, and around half of private sector turnover. The UK also has a booming entrepreneurial spirit which has the potential to transform our country into a global economic powerhouse; 64% of our workforce dream of starting their own business.
This hub contains information and resources developed by the BCC to support businesses in growing.
LOCAL ECONOMY OF THE FUTURE
WELCOMING THE WORLD
THE ROLE OF BUSINESSES IN THE UK VISITOR ECONOMY
The visitor economy in the United Kingdom is a vital component of the nation’s overall economic landscape.
In the post-pandemic era and amid shifting global economic trends, the visitor economy faces a range of opportunities and challenges. This policy paper aims to explore its current state and future prospects. The focus is on key areas such as economic growth, the workforce, taxation, placebased strategies, and connectivity.
The aim is to identify policy measures that will help sustain and grow the visitor economy, ensuring its resilience and competitiveness in the years to come, and its ongoing contribution to economic growth and prosperity.
View The Report
LOCAL ECONOMY OF THE FUTURE
A BUSINESS-LED PLAN FOR THRIVING COMMUNITIES
Local Economy of the Future Challenge Report
Businesses play a pivotal role in shaping the economic landscape of the UK, and their impact extends far beyond the national level. Local economic development is an essential facet of a thriving society, and businesses are integral to its success.
Their role is more than simply the generation of profits; it encompasses a commitment to the well-being and growth of the communities in which they operate.
View the report
LOCAL ECONOMY OF THE FUTURE
policy impacts 2023- 2024
At the 2023 Autumn Statement, BCC called for Full Expensing to be made permanent, in order to ensure maximum benefit for businesses and contributions to growth of the UK economy. At HMT’s request we carried out research into the impact the policy was having. This showed that the policy was and continues to have a significant positive effect across a range of businesses and sectors.
BCC has long called for reforms to business rates; a system that places costs on physically located businesses before they even open the door. Whilst we continue to call for a fundamental review of the system, we very much welcomed the freezing of the Small Business Rate Multiplier, ensuring that a number of businesses were not impacted by rates rises.
At the 2024 Spring Budget, BCC successfully asked for for the extension of the Recovery Loan Scheme, which has been extended to become the Growth Guarantee Scheme with an additional £200m of funding. The scheme is an important enabler of loan support for SMEs, providing the lender with a guarantee of up to 70% of the loan value. It also provides a degree of certainty for Community Development Financial Institutions (CDFIs), a number of which are run by Chambers of Commerce.
how chambers of commerce support businesses in the uk
Embedded within local business communities, the Chambers’ unique perspective gives us unparalleled insight into British and global business – every sector, every size, everywhere.
The BCC works with Chambers, which are non-profit organisations, to drive economic change from the ground up. Our bottom line is helping companies, places and people across the UK achieve their potential.
Many of the key UK economic indicators are flashing red. Issues such as record-high inflation, rising interest rates, spiralling energy costs and a possible recession are challenging the growth and survival of British businesses.
The latest research from the BCC shows only one in three firms believe they will see their profits increase over the coming year, with sales down across all sectors. We have a plan to get back to growth, with measures designed to unlock the full potential of British businesses, including:
Energy:
Energy costs are a top concern for businesses and are driving inflation. Government must provide more certainty on the energy support and facilitate a dramatic improvement in business energy efficiency and use of renewables, to help insulate firms against soaring prices.
Future of the High Street:
All business are under tremendous cost pressures. To help safeguard communities and local jobs, the government should reduce the overall cost of doing business. Reform of Business Rates and finding a fair and equitable way to tax online sales are two key ways of relieving the financial burden on our businesses, which Government must urgently take action on.
Planning:
Current planning policy is acting as a barrier to growth. There should be a clearer role for the Planning Inspectorate to scrutinise the employment land component of all local plans, with dedicated employment land expertise. There should also be increase resources for local planning authorities.
The British Chambers of Commerce run the UK’s leading research programme on business sentiment and economic conditions. Below are some of our unique data, evidence, and insights:
- Quarterly Economic Survey – closely watched by policymakers such as the Treasury, the Bank of England and the Office of Budget Responsibility, this is the largest and most representative independent business survey of its kind in the UK.
- Quarterly Economic Forecast – this sets out our analysis and projections on a number of key UK economic indicators including GDP, trade, unemployment, and inflation and was ranked in the top four most accurate UK economic forecasts of 2021 by the Sunday Times.
KEEP UP TO DATE
Latest News
