Colors: Purple Color

The Government has today revealed it wants to work with the West Midlands Combined Authority (WMCA) to create Investment Zones in the West Midlands, which will help drive economic growth, new homes, and jobs.

Chancellor Kwasi Kwarteng also revealed that the Government plans to fast-track a number of vital transport schemes in the region to ensure work gets underway before the end of 2023.

A combination of measures announced in the budget today will create new opportunities for innovative start-ups and will help unlock private investment.

However, these measures must be underpinned by a collaborative and sustainable university sector to succeed says the National Centre for Universities and Business, the collective voice of UK business and universities. Today’s announcements set an economic growth goal of 2.5% and seek to drive up private investment through targeted tax and regulatory measures.  

Azets Birmingham’s tax partner, Ray Abercromby, completed a 1,000-mile venture, from Land’s End to John O’Groats in aid of The Pebbles Project Trust, a charity based in South Africa that supports children impacted by poverty in The Winelands.

Being a wine lover, Ray chose to raise money for The Pebbles Project, a charity that was originally set up to help children who were born with Foetal Alcohol Syndrome (FAS), a preventable birth defect caused by a woman consuming alcohol during her pregnancy, one of the consequences of the wine farms historically part-paying their workers in wine.

Below is the stakeholder reaction on specific measures within the Growth Plan, including: alcohol duty, off-payroll working rules (IR35), VAT-free shopping and the Seed Enterprise Investment Scheme

Nuno Teles, Managing Director, Diageo Great Britain said: “Today we raise a Guinness to the Chancellor and PM, as a freeze in alcohol duty is great news for pubs, restaurants, and tourism.