Last week, I wrote about the implications for East Hampshire of what I described as the ‘fudge-it Budget’.

Politicians, businesses and commentators from across the spectrum have been asking the same question: “Is that it?”

It’s a fair question. The Budget appeared to tinker around the edges, while failing to address the central challenge facing the country: how to grow the economy.

Of course, it wasn’t all bad. There are aspects of the Budget that I welcome. One-off help with energy bills (although this will largely be outweighed by bill increases next year), help for motorists and relief for businesses on the high street. But these do not amount to the radical change that was promised by the incoming Prime Minister.

One measure I was pleased about was the decision to increase the threshold for Small Business Rate Relief for retail, hospitality and leisure businesses. Because this means some respite for pubs and high street shops I welcome it.

But we have all learned that there are often implications of Budget measures – especially on business rates – which aren’t so obvious from the headline announcement. For a start, many businesses – including many high street businesses – won’t benefit, and it isn’t as good a deal for multi-site businesses, which can be a problem when you want to encourage business growth.

The Government’s announcement to remove business rates relief from vape shops (to help fund reliefs elsewhere) also sounds good on paper. I’m just not sure how this can be practically implemented. What about a vape shop that also sells food? Or a convenience store that sells a lot of vapes?

The Chancellor highlighted investment in defence technology, with Aldershot among the places identified as a beneficiary of investment and lending. That is welcome news for our regional economy.

But bigger picture, the Government doesn’t yet have a clear plan for meeting its defence spending commitments by 2030. And let’s be honest, when this is finally announced (sometime next year we understand) departmental spending plans and fiscal headroom will have become even more uncertain. I am conscious that in the department I shadow, Health & Care, capital just got further cut in the Budget. No one knows yet where these cuts will bite; there have been questions about whether the New Hospitals Programme (which includes Basingstoke) will be, again, affected.

Sadly, the Overnight Visitor Levy, has not gone the way of Digital ID cards (i.e. quiet abandonment). As I’ve written here before, it may start as something ‘optional’ for Mayors but within a few years it’ll be everywhere.

Perhaps the most disappointing omission of all from the Budget was a proper plan for youth unemployment. I have repeatedly said that getting the almost one million young people who are not in education, employment or training into work is the biggest domestic issue.

But the Chancellor did little to address that, instead leaving much of the issue to Alan Milburn’s independent review, expected shortly we are told.

The Office of Budget Responsibility, which crunches the numbers, warned that the UK’s economic outlook is a “pretty grim picture”. It also warned that the Employment Rights Act 2025, alongside other measures, including the higher employer National Insurance Contributions will “weigh” on the jobs market. These were flagship policies of this government.

Breathing space is welcome but breathing space is not a growth strategy. These times call for big reforms – to get business investing and creating jobs, especially job for young people.