CBI responds to Rachel Reeves’ first speech as Chancellor

Rain Newton-Smith, CBI Chief Executive, said:

“Businesses will be encouraged to hear the Chancellor speak clearly and passionately about making growth the defining priority of government and to committing to the three pillars of stability, investment and delivery needed to achieve it. With improvements to public services and living standards dependent on a step change from the sluggish levels of growth we’re currently seeing, it’s clear that the government needs to hit the ground running.

“Firms will welcome the Chancellor wasting no time in committing to tackle the burdensome and time-consuming planning processes that are holding back critical investments in infrastructure and housebuilding. Making sure we have the planning officers and coordinated oversight we need to forge ahead with projects is vital to ensuring a consistent, long-term approach that will boost investor confidence.

“Better coordination across central government, and between Whitehall and UK regions and nations, on areas like infrastructure will not only boost connectivity, but help us press ahead with our net zero transition and highlight investment opportunities across every part of the country. The CBI has long argued that removing the ban on onshore wind would green our energy supply and help the UK take advantage of a huge green growth opportunity, so it’s welcome to see that being delivered so swiftly.

“While government can lay the foundations for growth, it’s business that will bring the innovation, ideas, and investment to make them a reality. That’s why we welcome Labour’s openness to working with business to really go for growth and bring much needed momentum back to our economy. The CBI stands ready to play a leading role in that partnership for prosperity and in delivering for people across the country.”