- Chancellor to call on businesses to “invest more, train more,
and innovate more” during speech to CBI later today.
-
will thank businesses for
their support during the pandemic and call on their leadership
in dealing with global supply shocks affecting the economy,
saying “never, ever doubt we are on your side.”
- He will also reiterate his commitment to tackle inflation and
say he stands ready to do more to help families.
Chancellor is expected to call on
businesses to boost innovation in industry as a way to increase
the long-term prosperity of the country and boost productivity.
Speaking at the annual dinner for the Confederation of British
Industry (CBI) the Chancellor later today, will set out how the
government is acting to tackle inflation and bring down rising
prices to help the lowest paid families - as well as to increase
productivity and supporting people into better paid work.
Setting out his commitment to UK businesses, he will also discuss
the many ways the government is supporting firms across the
country including the super-deduction, which delivers the biggest
two-year tax cut in modern British history, cuts to business
rates for retail, hospitality and leisure, and increased
flexibility over apprenticeships.
He is also expected to outline a three-point plan to help with
the cost of living, boost growth and invest in capital, people
and ideas to deliver long-term prosperity.
The Chancellor will reassure businesses that “we are on your
side” and call on them to help increase productivity and
enterprise, pledging:
“We need you to invest more, train more, and innovate more.
In the Autumn Budget we will cut your taxes to encourage you to
do all those things. That is the path to higher productivity,
higher living standards, and a more prosperous and secure
future.”
And speaking about the measures government has taken already to
tackle inflation, he will say:
“Our role in government is to cut costs for families. I
cannot pretend this will be easy. As I told the House of Commons
yesterday: There is no measure any government could take, no law
we could pass, that can make these global forces disappear
overnight. The next few months will be tough.
“But where we can act, we will. We have provided £22bn of
direct support. With fuel duty – cut by 5p a litre. Council tax –
cut by £150. The taper rate in Universal Credit – cut by £1,000
for the average household. The Warm Homes Discount – increased to
£150. The National Living Wage giving low paid workers a pay rise
of £1,000.
“And we are going further. In October, we’re cutting energy
bills by a further £200. And, in just a few weeks’ time, the
National Insurance Threshold will increase to £12,500.
That’s a £6bn tax cut for working people. And of course, as the
situation evolves our response will evolve. I have always been
clear, we stand ready to do more.
The Chancellor previously set out his vision for a lower tax,
higher growth economy at the annual Mais lecture in February,
arguing that the best way to organise the economy is around free
market principles.
