Responding to the Spring Statement on 26 March 2025, Ross McNally, Chief Executive and Executive Chairman of Hampshire Chamber of Commerce, said:

“The Chancellor’s announcement of a £2.2 billion boost to defence spending plays directly into Hampshire’s strengths in advanced manufacturing, technology and engineering."

“We are central to the UK’s defence sector and so it was great to hear Rachel Reeves’ specific commitment to regenerate and secure the future of Portsmouth Naval Base. Similarly, we welcome her announcement of more investment in export finance to enable our defence contractors to do more in global markets."

“Hampshire’s role as an engine of growth will also be helped by the moves she announced to make it easier for our smaller firms to land defence contracts through easier procurement. We in the business community in Hampshire stand ready to work with the government to ensure our manufacturing, defence and engineering sectors are at the very heart of modern industrial strategy."

“There is a dire need for the government to accelerate and clarify how capital investment and industrial strategy will combine to unlock growth. Many businesses had their confidence knocked badly by the autumn 2024 Budget and the imminent cost pressures that will flow from that as early as April. We anticipate a difficult next year to 18 months, not helped by global turbulence and other risk factors, and so government must work with us".

“That includes support for our two Local Skills Improvement Plans (LSIPs) for Hampshire. These are designed to ensure workplaces can find and retain the talent they need and young people can progress their career development. To strengthen this activity, we call on ministers to champion employer-led engagement, extend investment in LSIPs and bridge the gap between education and work."

“Businesses are innovative and will always seek markets where they can sell their advantage, quality of service and added value, but we need the government to truly deliver on its strategy for growth so we can restore the confidence to invest in the skills of our people, explore and exploit market opportunities and achieve prosperity.”