But positive action on late payments as Chancellor takes
up IoD proposal
Responding to today’s Spring Statement, Edwin Morgan,
Interim Director General of the Institute of Directors,
said:
“In all honesty, today’s Spring Statement will barely register
with most business leaders, as Brexit uncertainty continues to
cast a shadow over their organisations.
“Warm words and proposed consultations are not enough for
businesses at a time when confidence is rock bottom and
investment plans are eroding away, and many will find it
difficult to tread water until more decisive action at the Autumn
Budget.
“While a ‘no deal’ would wreak certain havoc for many firms, we
must also avoid being lulled into thinking an exit deal alone is
a substitute for providing a real economic impetus that lowers
costs, spurs productivity growth, and supports businesses as they
adjust to Brexit, whatever its form. Indeed, the fact that
the OBR lowered its forecast for GDP growth this year –
based on a smooth exit from the EU – highlights just how
much the economy is set to fall below its potential, even in a
relatively benign scenario.
“On the upside public finances are in rude health, but the
Chancellor missed a vital opportunity to outline more
clearly how this might be used to build a positive long-term
economic vision for businesses to get behind. Today has turned
out to be even more of a non-event than anticipated, and it is
yet further evidence of how the Brexit process is sapping the
momentum from our domestic economic policy agenda.”
On the announcement for late payments:
“We are delighted the Government has taken forward the IoD’s
specific proposal to tackle late payments. This is a thorn in the
side for many small firms, and the reform will ensure the issue
gains the board-level attention it deserves at big companies,
without compromising good corporate governance.”
On exempting PhD roles from visa caps:
“Businesses will welcome the announcement to exempt
doctoral-level roles from visa caps. It represents a small step
forward in unleashing R&D activity at a time when wide skills
gaps are emerging across the country.”
On Brexit preparation:
“We have repeatedly called for Brexit planning vouchers for small
businesses to access specialist advice needed to help deal with
the many complex queries which government guidance cannot
address. Whatever happens next, the upheaval for many companies
will be significant and the need for support will extend well
beyond March 29th to help companies tie off the risks and
capitalise on emerging opportunities. We urge the government to
heed the needs of UK enterprise at this pivotal moment.”
