Partner Article

Spring Statement 2025. A step towards growth.

As CEO of RTC North, a not-for-profit business dedicated to helping small businesses to innovate, compete and grow, I welcome the ambition outlined in this year’s Spring Statement to deliver growth that creates good jobs and raises living standards. This is desperately needed across the UK, especially across many parts of the North where both households and businesses are feeling the squeeze of rising costs and economic uncertainty.

The Government’s commitment to invest further in Defence, Housing, Infrastructure and Public Sector Reform, alongside its drive to secure Free Trade Agreements, presents a valuable opportunity to stimulate the economy through industrial strength and global connectivity. At RTC, we see it as our role to ensure that small businesses across the North can seize these opportunities. Whether that’s through supply chain development, innovation support, or international trade preparation, we’re here to help businesses take practical steps to become part of this future economy.

We’re encouraged by the commitment to reduce regulatory compliance costs by 25%. Less red tape and more time for doing business is something all small firms can get behind. We also welcome the launch of the new Industrial Strategy. A clear, long term industrial vision is a vital foundation for growth, but this must be matched with a Small Business Strategy, which was notably absent from the Spring Statement. This is something we and others in the ecosystem have been waiting for and it remains desperately needed.

Small businesses are the backbone of our economy. They’re the engine room of innovation and the source of good job creation. But that potential can only be unlocked if they have the confidence and capacity to invest. And right now, confidence is fragile.

The reality is that many small firms are already under pressure. The combined weight of rising National Insurance contributions, increases to the National Living Wage, and the upcoming reduction in business rates relief will hit margins. This is likely to erode working capital, the funds needed to invest in people, technology and innovation. In many cases, businesses will find themselves having to choose between survival and investment. That’s not the environment we need if we want to see scalable business models and good job creation.

There is no question that the ambition is right. But we need to see more to bolster confidence and unlock the investment needed to drive productivity, scale, and inclusive economic growth. This is where the forthcoming Small Business Strategy and the Industrial Strategy must play a vital role. They must not simply describe the economy we want to build, they must inspire and enable the action and innovation required to build it. This means long term support for businesses, investment in R&D, access to new markets, and a relentless focus on workforce development.

We’re especially passionate about helping young people develop the STEM skills required to power the industries of the future. Whether it’s engineering in the defence sector or digital roles in the NHS, talent and skills will be the true drivers of sustainable growth. We must start building that pipeline now.

At RTC North, we look forward to working with national and local government to build on the Spring Statement and shape the Industrial and Small Business Strategies in a way that enables the UK’s regions to thrive. By working together, we can transform this ambition into a reality, one where businesses grow, good jobs are created, and innovation tackles the economic, social and environmental challenges of our time.

Jamie Ollivere
CEO, RTC North

This was posted in Bdaily's Members' News section by RTC North .