Cumbrian accountancy firm Lamont Pridmore has criticised the Chancellor’s Spring Statement for failing to "ease mounting financial strain on UK companies".
The firm said companies in Cumbria were left disappointed by the lack of new financial relief or economic stimulus in Chancellor Rachel Reeves’ latest update.
Graham Lamont, chief executive at Lamont Pridmore, said: "The Chancellor was clear this would not be a major fiscal event, as promised in Labour’s manifesto.
"That may suit the Treasury’s timetable, though it does little for businesses dealing with rising costs now and in the near future.
"There were no fresh measures to ease the immediate pressures facing employers, no tax changes to stimulate investment and no additional support for firms exposed to rising input costs.
"The only comfort was that there were no new compliance requirements or tax hikes to contend with."
The statement comes amid growing concerns about the wider impact of Middle East tensions and the threat of a broader US-Israel conflict, which continue to unsettle global markets.
The Office for Budget Responsibility (OBR) downgraded its economic growth forecast to 1.1 per cent for 2026.
This is down from 1.4 per cent in its previous forecast in November.
The OBR expects growth to rise to 1.6 per cent in 2027 and 2028 before settling back to 1.5 per cent through to the end of the decade.
But Cumbrian businesses are already struggling with sharply rising energy prices and broader cost pressures.
Mr Lamont said: "At a time when conflict in the Middle East is pushing up wholesale gas prices and unsettling global markets, many had hoped for clearer recognition of the risks to the UK economy.
"Higher energy prices feed directly into transport, manufacturing, oil and food supply chains.
"The impact of such a significant ongoing conflict will eventually show up in inflation and borrowing costs.
"Businesses in Cumbria are already contending with higher employer National Insurance Contributions, increased wage bills, new regulation requirements, tax increases and tighter margins. If energy costs rise again and interest rate cuts are delayed, cash flow will tighten further, creating more difficult decisions for UK business owners."
In her statement, the Chancellor pointed to ongoing trade talks with India, the US and the EU.
She highlighted reforms aimed at backing entrepreneurs and the £820 million earmarked for apprenticeship reform.
Lamont Pridmore said that whilst the Government has consistently pledged to bring down the cost of living, a prolonged conflict in the Gulf would make that objective "significantly harder to achieve".
Mr Lamont said: "There is a clear determination from the Government to present a message of stability.
"The difficulty is that stability at home cannot insulate us from volatility overseas.
"Clients are telling us they need clarity on tax, energy and employment costs to plan with confidence and we agree."
He advised businesses to take proactive steps to protect themselves.
He recommended stress-testing cash flow, reviewing pricing strategies, exploring available tax reliefs and reassessing capital expenditure plans.
Mr Lamont said: "Professional advice and early action will make the difference if conditions deteriorate nationally or on a global scale."
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