The CBI has responded to the Chancellor’s Spring
Statement.
Rain Newton-Smith, CBI Chief Economist, said:
“The Chancellor is rightly backing British business
to secure the UK’s future prosperity in a new
economy.
“It’s great to see an upgrade in the state of our
public finances and rightly sensible to set more aside for a
rainy day with Brexit uncertainty still weighing on the
economy.
“The global economy is going from
strength-to-strength, but at the same time economic growth here
at home remains lukewarm. This underlines just how vital it is to
secure a Brexit that delivers for jobs and an industrial strategy
that helps transform UK productivity in all corners of the
country.
“Businesses and workers must move now to adapt their
skill-sets to the modern economy. Upskilling existing workers and
preparing young people properly for the world of work is
fundamental to the technology revolution.
“The lack of flexibility in the Apprenticeship Levy
is a core concern to many firms, so it was disappointing to miss
this opportunity to tackle this issue head on.
“The CBI looks forward to working with the TUC and
government on the National Retraining Partnership, where we aim
to help develop the workforce of the future and meet the needs of
local labour markets. Add in a reformed apprenticeship levy with
a strong careers strategy, and the UK can finally have a skills
system to be proud of.
“The UK cannot move on taxation in the digital age in
isolation, so the Chancellor is spot on to work in lock-step with
the international community to develop an approach that crosses
borders and sectors.
“The CBI has long-called for just one Budget in a
year, creating more room for Government and business to get to
work. But the Spring Statement is still important, and this one
has proved more than welcome in setting the tone and vision for
the country’s economic future.”
On the call for evidence to share best practice on
productivity, Rain said:
“Many British businesses are at the cutting edge of
innovation, but others need a helping hand to take on the tried
and tested technologies that drive growth. The Chancellor is
right to recognise the importance of this to our future
productivity performance.
“Great businesses act like magpies, collecting new
ideas to boost productivity. But like ostriches, some can bury
their heads in the sand and ignore the opportunities in front of
them. The Government and businesses will need to work together
across sectors and supply chains to spread best practice and make
sure magpies win the day.”
The CBI published a report on
this issue in late 2017
On bringing forward the review of Business Rates, she
said:
The impact of the out-dated Business Rates system
continues to be an Achilles’ heel for many businesses, so it’s
absolutely right to fast forward revaluations.”
