Ahead of the government’s Spring Statement on Tuesday 3 March 2026, Hampshire Chamber of Commerce is demanding Rachel Reeves takes practical steps to ease pressure and reduce the costs of doing business.

Ross McNally, Hampshire Chamber’s Chief Executive and Executive Chairman, highlighted six issues the Chancellor should prioritise: employment costs; investment in skills; tax mitigation; business rates; energy bills; and support for exporters. Ross said:

“The statement comes just a few weeks before new obligations are placed on employers under the Employment Rights Act. At the same time, increases in both the national living wage and the national minimum wage will come into effect. While these are welcome moves for many working people, it is employers who must foot the bill. The government must avoid adding any more cost or complexity to recruitment."

“With youth unemployment the highest it has been for a decade, action must be taken to invest in skills. One in six of our young people aged 16 to 24 is out of work, higher than the EU average for the first time in a quarter of a century."

"We need to close the skills gaps that constrain sectors such as digital, engineering and green tech. We call on the government to work with us on ensuring the Hampshire and Solent Local Skills Improvement Plan truly puts employers in the driving seat. LSIPs must be practical, focused and fully connected to local priorities and the national industrial strategy."

“Commit to making no further increases in business taxes. Businesses have been hit hard by higher National Insurance contributions and other costs. The government’s previously announced decision to retain and extend capital allowances through full expensing, and the certainty it has given us around a steady headline rate of corporation tax, are of course good news, but we need to see real evidence that Ministers understand the plight of SMEs in particular. Many are struggling to hang on."

“To help mitigate the many challenges facing our high-street firms, the Chancellor must take action on a long-overdue reform of business rates. They need to be made much fairer and the multiplier must be reduced. We call on her to extend the business rate relief already announced for pubs and music venues so that it applies to the wider hospitality, retail and leisure sectors. That would be a massive boost for many beleaguered operators."

“Reduce energy bills. That includes accelerating relief for high industrial energy costs. It is of course good news that household bills are set to come down from April but businesses continue to face high prices. Nearly nine out of ten firms have reported rising energy bills over the last five years, simply adding to pressure on the bottom line."

“Support for exporters should be another priority given the uncertainty and fear created by the US government’s chaotic approach to global tariffs. Ministers here urgently need to provide clarity on how UK exports to the US will be treated given the fluctuations in rates we are witnessing. It is impossible to plan pricing or work out margins in the current turmoil. We call on Rachel Reeves and her colleagues to boost capacity at the export credit agency UK Export Finance and review the whole issue of how we as a country respond to tariffs.”

Ross added: “While more measures on tax are not set to be a centrepiece, the statement will influence investment and growth plans over the coming months. Business confidence is simply too weak and subdued due to the cumulative burden of tax pressures, wage demands, energy bills, rising unemployment, lukewarm economic growth and so on. Fiscal decisions must complement, not sabotage, the businesses on which our financial security as a nation depends. Rachel Reeves has an opportunity next week to show she understands that. How will she respond?”