00:00The budget holds tax rights steady but keeps income tax and the national insurance thresholds
00:05froze under 2031, pulling more workers into higher bands.
00:09Taxes on savings, dividends and at rental income rise by two points and high value homes
00:15face new surcharges.
00:17The two child cap ends, energy bills dip slightly and business rights shift to help high streets
00:22while rising costs for major warehouses.
00:25For a region built on retail, low pay and logistics, these decisions matter far more
00:29than the political packaging.
00:31I mean, the top line is the budget doesn't go far enough to do businesses, the confidence
00:38and the confidence boost that they need.
00:42There are some positives in there, I mean it's good to see more funding for regional authorities,
00:50it's good to see welcome cuts on energy bills, particularly for manufacturers, commitments
00:57driving further firm-led innovation is really positive and obviously we welcome announcements
01:02around offering free apprenticeships to SMEs and supporting more people into the world
01:05of work.
01:06Low wages, high rents and deep child poverty shape the West Midlands more than national
01:12averages.
01:13Ending the two child cap gives significant help to many families and the higher minimum
01:18wage matters across retail, care and warehousing.
01:21But frozen thresholds quietly rise the tax hike from workers while the higher levies on savings
01:27and rental income hit people with modest buffers.
01:31Not just high earners, in Birmingham's mixed low margin economy these shifts stack up quickly.
01:36So there's some good news for residents in terms of energy prices, there's also some good news
01:43for those who are out of work and looking to access work in terms of there being more support funded
01:48by the government and to support them to access employment opportunities.
01:52I would say those are really the big gains, there's also some gains in terms of supporting
01:59people more broadly, in terms of the welfare state but in terms of, as it stands for businesses,
02:07the budget doesn't offer an awful lot in terms of confidence inspiring messages.
02:14The Chancellor talks about stronger shoulders taking more but the burden spreads across middle
02:18earners, small cybers and landlords.
02:21Drivers see fuel duty frozen now but face per mile charges on electric and hybrid cars from 2028.
02:28Warehouses and distribution centres central to the black country face higher business rates
02:33while shops get limited relief.
02:35For a region reliant on commuting, car use and logistics, the fairness of this balance is a large question.
02:42Consumers will obviously welcome a much needed cut on energy bills and many manufacturers will benefit
02:47from a similar steam but firms operating in hospitality and retail have also been crying out for support
02:53on that front and unfortunately it doesn't look like they're going to be getting that support.
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