• Home
• About DNCC
• Business Training
• BusinessWatch
• Chamber Training
• Conference Facilities
• Contact Us
• Derbyshire Enterprise Agency
• DNCC Shop
• Events & Seminars
• Information Services
• International Trade
• Lobbying & Campaigning
• Local Enterprise Partnerships
• Members Directory
• Membership - Whats In It For You?
• Membership Application
• New Business Opportunities
• News & Press Releases
• Sponsorship
• Useful Links
• Vacancies
• Virtual Office Service

The majority of businesses surveyed in Nottinghamshire and Derbyshire believe the recent Emergency Budget struck the right balance between cutting spending and raising taxes, according to new research.

Some 55% of local firms taking part in the British Chambers of Commerce's latest Monthly Business Survey say Chancellor George Osborne got the balance right, although 22% of companies say he should have introduced more tax increases and 13% say there should have been greater spending cuts.   

Interestingly, 45% of firms said that the recent spending cuts announced by government would hit profits by reducing demand, yet almost 33% felt that the cuts will have no impact on profitability.

And 57% of business believe that the cuts will have less of an impact in the East Midlands as they will elsewhere.

In terms of government spending priorities, 77% of local firms believe transport should be the main area of focus, followed by regional economc development (68%) and finance (45%).

And when asked what businesses would do if they were put in charge of cutting 25% from a government department's budget, 55% said they would not replace staff that leave naturally and 26% would implement immediate job cuts.

Commenting on the results, George Cowcher, chief executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: "The results of this survey clearly show that firms understand just how important it is to reduce the UK's massive structural deficit and create a trading environment which makes it possible for business to drive the economic recovery.

"It is interesting to note that 70% of firms believe that regional economic development should be one of government's top spending priorities, given the recent decision to abolish the Regional Development Agencies and replace them with Local Enterprise Partnerships (LEP).

"It is critically important that Derbyshire and Nottinghamshire pull together to work towards the creation of a two-county LEP, which is big enough to not only facilitate functions such as inward investment, promoting enterprise and business support, but also to influence on a national scale.

"We need to ensure that the area can compete on the same level as other places such as South Yorkshire, Greater Manchester and the West Midlands and it is the view of this Chamber that this will not be achievable without the scale that only a two-county LEP can provide."