Manufacturer says Budget neglected key sector

Tim Squires, director of Squires Gear & Engineering in Coventry, said he had not heard manufacturing mentioned

A manufacturer said he was disappointed that the spring Budget had little mention of his sector, especially given its role in the West Midlands’ economy.

“Unfortunately I’m yet to hear the word ‘manufacturing’ said today,” said Tim Squires, director of Squires Gear & Engineering in Coventry.

Chancellor Jeremy Hunt on Wednesday unveiled the last scheduled Budget before the next general election, which is expected to take place later this year.

Mr Squires added that many West Midlands business-owners were manufacturers and this should be “a big opportunity” for the government in terms of swaying voters.

Squires Gear & Engineering makes parts for the automotive and motorsport sectors, among others.

Accountant Steve Harcourt said there were few measures that would help small and medium-sized businesses

The Budget's key measures for households included cuts to workers’ National Insurance, changes to make more families eligible for child benefit, and the extension of a cost-of-living support fund.

Measures for businesses included a rise in the threshold at which small companies must register to pay VAT, from £85,000 to £90,000.

Steve Harcourt, director of Prime Accountants in Coventry, said he hadn’t seen much that would help the small and medium-sized businesses he worked with, although he added that more details could still emerge.

“It’s only gone up by £5,000, which isn’t a great deal,” he said of the change to the VAT threshold.

“We were after a bit more than that.”

Jackie Holcroft, who helps to run warm hubs in Warwick, welcomed the extension of a cost-of-living support fund for some households

Jackie Holcroft, a Warm Hubs project manager in Warwick, was pleased to see that the cost-of-living support fund for some households had been extended.

But she said there was still “a long way to go” in terms of helping people on lower incomes to afford basics such as food and heating.

“I think the general feeling is: we’re in recession, these are difficult times,” she said.

“People are having much more complex situations because of the last couple of years, in terms of post-Covid, cost-of-living crisis. Things are getting harder for people.”

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