Stakeholders react to the Chancellor’s Spring Statement

David Postings, Chief Executive Officer, UK Finance said: “The chancellor's Spring Statement focused on stability and growth in the UK. We welcome the government's continued commitment to growing the economy and the financial services sector is committed to playing its part in support. Building on recent positive regulatory reform plans, we now look forward to the upcoming Industrial Strategy, which will be key to unlocking further investment and delivering growth through various sectors, including financial services.”

Irene Graham OBE, Chief Executive Officer, ScaleUp Institute said: "The Spring Statement today navigates a challenging global and fiscal environment. It makes important and welcome commitments to capital expenditure, to the expansion of UK Export Finance and on the utilisation of Government procurement towards innovative scaling firms, such as in defence, AI and the Government's own transformation drive, which the ScaleUp Institute has long evidenced as opportunities. These levers, alongside the impetus on planning and regulatory reforms, are vital to driving forward the growth that our innovative and international scaleups can bring to the UK economy."

Greg Jackson, CEO of Octopus Energy, said:  “It's good to see the focus on planning and other reforms that can unlock investment to help make Britain more productive and drive growth. We were also pleased to see the receipts from the Government's sale of Bulb to Octopus funding 36,000 homes for armed forces families. It's a sign of how business and Government can work together for the good of the country.”

On defence

Kevin Craven, Chief Executive Officer, ADS said: “Today's funding package marks a significant step by the government, and its scope is a welcome relief for not only our sector but also for our nation, allies and international positioning.  Simplifying routes to entry – and the formalisation of UK Defence Innovation (UKDI) – are just one way that government has listened to the repeated needs of the UK defence industry. ADS remains clear that government investment that focusses on delivering a long-term demand signal to our industry, as well as developing the deterrence capability we can supply, will allow the UK's innovative defence industry to deliver the military capacity we need for our security in the face of current threats. Businesses large and small stand ready to support government in this mission and play a vital part in the UK growth agenda while remaining a strategic partner in delivering global security.

“On behalf of almost 1500 businesses throughout the UK, ADS looks forward to working with government to realise the potential of this step and allow industry to do what it does best: innovate to secure UK advantage in an increasingly competitive and unstable geopolitical environment.”

Craig Beddis, Chief Executive Officer, Haden said: “As a founder and CEO of a British defence-tech startup (Hadean) we welcome the Chancellor's focus on growth and national security in the Plan for Change. The commitment to long term, persistent, investment is necessary for deep tech to thrive and delivery value.   

“In order to defend the future we must develop a homegrown advantage - investment in British talent, technology and innovation is key for our national security in an increasingly insecure world.

A spokesperson for Anduril Industries UK said: Anduril Industries UK are delighted by the Chancellor's increased commitment to supporting the defence of our nation, and the focus on innovation and novel technology is a welcome approach. As a company committed to investing in the UK, this news echoes our thoughts and our values as we work hand in glove with the Government to protect our Armed Forces, and our country.

Kerry Baldwin, Managing Partner, IQ Capital Partners, former Chair British Private Equity and Venture Capital Association said: “As a Venture Capitalist for over 25 years investing in novel, deep technologies often with dual use applications, I welcome the announcement from The Chancellor to increase defence spending and for the creation of £400m for UK defence innovation. In these increasingly complex times, placing defence at the heart of the industrial strategy will deliver growth across defence heartlands such as the Southwest. Increasingly innovators are turning to creating solutions for defence and these announcements will encourage both innovators and investors to enable the UK to build upon its existing strengths and become a defence industry superpower”.

On housing

Berkeley Group Chief Executive Rob Perrins said: “The Government's positive planning reforms are key to increasing housing delivery and growth, and it's fantastic to see this clearly reflected in the OBR's independent forecast. At Berkeley we fully support Government on-going efforts to unblock our regulatory system and warmly welcome the additional investment in affordable homebuilding and construction skills training announced this week. These measures are giving businesses greater certainty to invest for the future and are essential to driving economic growth”

Charlie Nunn, Chief Executive Officer, Lloyds Banking Group said:” A safe and lasting home is the foundation for good lives and livelihoods, and we welcome this boost to building much-needed social and affordable homes. As the UK's biggest commercial supporter of social housing, we're working across the private, public and community sectors to help increase provision of good quality, genuinely affordable housing for those in need.”