CBI responds to Spring Statement

Tony Danker CBI Director-General, said:

“The Chancellor has taken steps to sustain confidence in our economy. They are welcome but don’t do enough to tackle the current challenges facing firms.

“His new plan to incentivise business investment from next year is very good news. We stand ready to work with the Chancellor on measures essential to transforming productivity such as capital allowances, R&D reforms and a revised apprenticeship levy. These measures lie at the heart of U.K. competitiveness.

“In reality, we cannot wait until October to get growth going. The Government needs to get moving straight away.

“We need concrete plans now on how we get new nuclear, hydrogen and onshore wind investment.  We need more EV charging infrastructure deployed this year.  We need post Brexit regulation changes that unleash the potential of our health, science and technology sectors.

“The Chancellor is right that the government can’t solve every challenge. However, the only enduring response to inflation, energy prices and cost of living challenges is a relentless campaign for economic growth.”