Reacting to today's speech by the Chancellor at the Mais Lecture, Shevaun Haviland, Director General of the BCC, said:

"The three key priorities in the Chancellor's speech will resonate with many businesses as they fight to get on the front foot.

"Investing in our regional economies, promoting AI and improving our trading relationship with the EU are vital steps on the pathway to higher growth.

"Firms want to see a bolder approach from Government on cutting trade barriers and improving defence cooperation with Europe. It remains our largest trade partner and a pragmatic approach to improving that relationship can offer some much-needed stability amid an ocean of geopolitical turbulence.  

"The ambition to make the UK the fastest AI adopter in the G7 should also be applauded. We are in a global race to secure the benefits of this game changing technology which can give UK businesses a vital edge in an increasingly competitive global market.

"Chambers are laser-focused on supporting and growing the firms in their areas so the Chancellor's focus on deeper regional investment will also be music to their ears.

"Increasing support for the Oxford-Cambridge and Northern Growth Corridors shows she understands the need to back winners which can propel our economy to new heights.

"Alongside a commitment to trim unnecessary regulations that hold business back, the Chancellor's speech shows she understands the mechanics of growth. But businesses have been on a rollercoaster ride and now need concrete steps on delivery.

"A partnership approach, that means firms get the maximum benefit possible, is a sensible approach and we stand ready to help. By working together, we can build a UK economy that thrives for the long-term."

The Chancellor's full speech can be found here.