Sheffield Chamber comments on June General Election

17th May 2017

Richard Wright, Executive Director of Sheffield Chamber of Commerce, said: "There is a danger of this election becoming a one subject event - the negotiation of Brexit.

This is important but we should not lose sight of the fact that we are electing a Government for the next five years. Obviously, we want the best deal we can get from Europe and the 'divorce settlement' is part of that, but the ongoing trade relationship which effectively maintains the free market and free movement of skills is what the vast majority of business want to see. "We must, however, not lose sight of the need to have the freedom to trade with the rest of the world and attract investment from it. This century will be the Asian Century and 50 years from now we will be dominated by how we trade with some of the newer economies. Europe and the US will still be important but they may not be our biggest trade partners and now is the time to get that right. "We also need a Government that remains committed to reversing the trade deficit. Growth on its own is not enough - it must be profitable growth. Our legacy to our children is already a massive debt and we need to do better. "We need a Government that stops piling burdens on the business sector. We have had so many over the last few years and would welcome a moratorium for a few years while we get to grips with things like Apprentice Levies and the Living Wage, changes to Ogden's Discount Rates (which will raise the cost of insurance for all of us). The only exception to this should be reform of the Business Rates. The business community remains committed in principle to the devolution process, although there are worrying signs of the inertia caused by local politics and the brake this puts on LEPs responding, or being innovative, to commercial opportunities. "Interestingly, while there is some sympathy to the rumours of an increase in tax to fund extra spending on the NHS and education system, this is dependent on the way it is spent. Many businesses accept that the way we distribute wealth is not perfect and is leading to social division that, in the long run, will cause problems. This is an area fraught with problems because we must maintain personal incentives while countering excessiveness but we must remember that it is businesses that both create wealth, create jobs and support the type of country we all want to live in. More than anything else we need a Government that can get the balance right."