CBI responds to Chancellor's Autumn Statement

Rain Newton-Smith, CBI Chief Economist, said:

“The test for the Autumn Statement was to deliver stability at the same time as unveiling a clear plan for growth. The Chancellor deserves credit for delivering stability, as well as protecting the most vulnerable, but businesses will think there’s more to be done on growth.

“Backing the CBI’s call for a freeze in business rates and smoothing the increase for those facing higher bills is very welcome.

“Staying the course on R&D spending and major infrastructure, including Sizewell C, HS2 and Northern Powerhouse Rail will give a major boost to communities and the country. Similarly, a renewed energy efficiency drive will take us closer to our goal of a low carbon, energy secure future.

“But stabilising public finances inevitably means difficult decisions have to be taken. Businesses will view a freeze in NICs thresholds and further windfall taxes as the sharpest stings in the tail. Firms will also need more detail on what happens with the business energy support scheme in the coming weeks.

“The Autumn Statement lays down an important marker for the direction of the country. Business will work with government to turn today’s ambitions into a serious plan for growth that can lift us all out of the current crisis.”