CBI responds to Chancellor’s statement on fiscal inheritance

Rain Newton-Smith, CBI Chief Executive, said:

“The Chancellor’s statement has given a sobering assessment of the pressures on the public purse. Despite the country’s economic recovery beginning to pick up steam, the central message remains clear: the Government cannot afford to take a backwards step in its central mission to deliver the long-term sustainable growth the country needs.

“The big choices and bold moves laid out in the King’s Speech are an important first step, now we need a relentless focus on delivering those priorities and breaking down critical barriers to investment.

“Part of that mission must include a continued focus on investment in capital and infrastructure, which not only helps crowd-in private finance but boosts productivity and growth over the longer term. Given the catalytic impact on business investment and confidence, the government cannot afford to take a short-term view on critical infrastructure projects.

“Business stands ready to be a key delivery partner with the government in its mission for growth. By working with business, the new government can deploy the capability and capacity of industry to deliver the connected transitions across net zero, the digital economy, and the future of work needed to put the economy on a pathway to sustainable growth.”