In response to today’s Budget speech from the Chancellor, Rachel Reeves, the Horticultural Trades Association (HTA) Chief Executive, Fran Barnes, commented:
“Whilst today’s budget did contain some announcements which will have some benefits to our members and wider business, it is disappointing that the Chancellor missed an opportunity to deliver a pro-business and pro-growth budget that could have mitigated the challenges created by last year’s Autumn Statement. Businesses are still grappling with a perfect storm of rising costs. We hoped today’s announcements would give our sector and our customers the confidence and certainty they so critically need.
“With no bold action to reverse or review inheritance tax changes, combined with rising costs and the Employment Rights Bill, the future looks very challenging for many family-owned businesses. While allowing the transfer of allowances between spouses is a welcome step, it is a minor adjustment on an Inheritance Tax policy with such a massive impact on our members, yielding minimal fiscal gain for the government. Additionally, the expected hikes in minimum and living wages continue to put further pressure on wage costs and increase reticence to recruit.
“As a sector proudly operating across the four nations of the United Kingdom, we welcome the efforts to boost regional spending, and the Windsor Framework support is welcome. The confirmation of SPS agreement ambitions, the reduction in costs for SMEs wanting to take on apprentices, the permanently lower rates for retail and hospitality, and the absence of anticipated changes to Landfill Tax are all positive announcements that we had been asking for. However, these feel like small steps when a giant boost in confidence is needed.
“SMEs are the driving force of the economy, and many are family-owned businesses. It is vital that they can operate in conditions which support their growth and give certainty if we want the UK economy to grow.
“We will now look at the full details of the Budget to understand the breadth of impacts and opportunities for horticulture. We need to see burdens removed and fair policies implemented, so that our members can continue to contribute to the UK’s health and wealth.”
