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Earlier today, the Chancellor George Osborne made his Autumn Statement regarding the state of the country’s economy to MPs, and the rest of the country. Businesses throughout Birmingham, Solihull and the West Midlands as a whole are eagerly anticipating the Autumn Statement’s effect on the local economy.
With unemployment in the Birmingham and Solihull areas running higher than the national average, any hint toward the creation of jobs in the area is greatly received. Although the number of jobs in the public sector has decreased UK wide, the number of positions provided by the private sector in this particular area is proportionally higher. Statistics published by the Office for National Statistics showed unemployment in the area running at 240,000: up 10,000 on the previous period and is 8.9% of the local population, compared to the national figure is 8.3%.
2011 to-date has shown the private sector proving its worth and being the most resilient in the West Midlands: the following entities have been successful in creating a significant number of job prospects in the region
Despite the growth from these specific companies, general opinion throughout the business community appears to be that more could be done to stimulate the local economy further. With the correct fiscal policies from Government, it is believed investment could be incentivised resulting in the growth of small to medium sizes businesses. It is believed within this aspect of the economy most growth can be motivated, but investment by both Government and private sector businesses is essential: ultimately resulting in small businesses stabilising enough to provide a platform for the future.
In order to help unlock private sector cash and to increase investment, the Chancellor today announced a programme which will underwrite up to, £40bn in low interest loans for small to medium sized businesses. In addition, a business finance partnership worth approximately £1bn has been earmarked to raise money for medium sized businesses.
A range of large infrastructure projects have also been announced, with the main objectives being to stimulate the economy and help businesses invest in the future. Once again, it is hoped much of this investment will assist small businesses, but as the order books begin to fill businesses need to ensure they have the ability to deliver. Self storage in Solihull, Birmingham and throughout the West Midlands will help SMEs establish the operational platform required to deliver growth.
For the Autumn Statement’s key points – click here
For related articles on the economic concerns of the West Midlands – click here
