CBI argues for determined investment plan in Autumn budget

The CBI has pressed the Chancellor, Philip Hammond, to use ‘concrete action’ to spur industrial growth, and put Brexit on the back burner.

A month ahead of the November budget, the CBI has urged the Treasury to turn its back on the Conservatives' Austerity ideology, and use the Autumn statement to show Britain is ‘open for business’.

Carolyn Fairbairn, CBI Director-General, said: “Brexit planning must not be allowed to crowd out vital action at home. With this Budget, the Government needs to set its eyes on the horizon, not the next few yards. The only sure way to raise living standards and provide sustainable public services is to solve the UK’s productivity problem. This means tackling the weak foundations of our economy with consistency and determination.”

The group wants Hammond to make new plant and machinery investments deductible from from business rates, in addition to more investment in schools and spending on roads and broadband.

The CBI also recommends a redesign of the apprenticeship levy, to allow companies to pool their levy funds to support local provision, and raise the transfer cap so firms can share more than ten per cent of their levy with their supply chain.