Chamber, CBI, WBD and Active welcome Kwarteng budget

There was enthusiaism for the pure business incentives on offer, but wariness of the long-term payback.

John McCabe, Chief Executive of the North East England Chamber of Commerce said: “We are pleased to see Government act quickly to address a number of pressing economic challenges.

Read more: Five things Chancellor Kwasi Kwarteng announced

“The big-ticket items around Investment Zones, planning and infrastructure all have real opportunity to accelerate growth across the region. But we’ll need to see the freedoms and flexibilities proposed backed-up with investment and a continued commitment to genuine local autonomy.

"This is particularly important in the North East: further devolution in the North of the region will be a key tool in helping Government achieve its goals."

Nigel Emmerson, Partner and head of Womble Bond Dickinson’s Newcastle office said: “Plans to transform brownfield sites and other locations into freeports and “investment zones” will be accelerated within more than 40 sites i.e. freeports are very encouraging for the levelling up agenda and will go towards creating a very appealing investment opportunity.

“It has been hugely positive to see Simon Clarke step into post as the Levelling Up lead and I expect there will be much faith placed in him from North East businesses on delivering what is needed to see funding released and ensure key projects are put underway in the region."

Kwasi Kwarteng addresses MPs (Image: PA)

Tony Danker, CBI director-general, said: “Today is day one of a new UK growth approach. We must now use this opportunity to make it count and bring growth to every corner of the UK. Fifteen years of anaemic growth cannot be repeated."

Institute for Fiscal Studies Director Paul Johnson warned that Chancellor Kwasi Kwarteng is 'betting the house' with his vast tax cuts putting Government debt on an 'unsustainable rising path'. He said: "This marks such a dramatic change in the direction of economic policy-making that some of the longer-serving cabinet ministers might be worried about getting whiplash.”

Peter Snaith, Partner in the Global Business Team and manufacturing sector head at Womble Bond Dickinson, said: “Extending the package of benefits at freeport tax sites to a larger footprint of nearly 40 new investment zones across more parts of the country is very good news to unlock growth across the UK. This is not a U-turn. It is a welcome development that will extend the benefits already available, which are beginning to attract manufacturers and other inward investors onto freeport sites."

Chris Beaumont, partner at Clive Owen LLP said: “Tees Valley appears to be a real winner in this ‘mini-Budget’ with the announcement of an investment zone, which will deliver a number of significant benefits.  Our region, and its fantastic cohort of businesses will I am sure embrace the opportunities offered.”

Ben Quaintrell, the founder and managing director of Darlington-headquartered estate agency group, My Property Box, said: “I welcome the Chancellor’s measures to cut stamp duty that will support more people and families across the North East and North Yorkshire to own their own home. Currently there is no stamp duty to pay on the first £125,000 of a property’s value, a band that has now risen to £250,000 – which will benefit many, many more homebuyers."

Karl Pemberton, managing director of Active Chartered Financial Planners in Stockton said: “Many in our region really feared for the levelling up agenda, however today’s announcement is a real statement of intent that the Tees Valley remains a key area for change, innovation and business.  The next six to twelve months are going to be a challenge for both individuals and businesses and any optimistic news will give the region a boost."

Key moments:

• Stamp duty is cut
• Universal Credit changes
• The Mini-Budget as it unfolded