Ahead of her Mansion House speech tomorrow (Tuesday 15 July), the
British Chambers of Commerce (BCC) is urging the Chancellor to
carry out further reforms to unlock business investment.
The BCC's latest research, involving
over 4,500 firms, shows business confidence remains weak and
investment levels low. However, a separate BCC analysis,
carried out in May, found 56% of firms believe there is untapped
growth potential in the UK economy.
Shevaun Haviland, Director General of the British Chambers of
Commerce said:
“Businesses large and small, across
the UK, will be listening hard to the Chancellor's speech -
to see if it can truly spark much needed investment
reform.
“For too long investment has been the
Achilles heel of our economy. As we set out in our
Blueprint for Growth report,
we want to see full implementation of
the Mansion House Accord, consolidation of pension default funds,
and greater investment in illiquid assets to support regional
growth. Tomorrow night is an opportunity for the Chancellor to
signal support for these ideas.
“A British Growth ISA to channel more
investment into UK firms would also be a welcome start. Getting
more of the public to invest and back British business is long
overdue.
“Businesses are having to navigate too
many barriers to growth. Reforms to create a streamlined yet
robust regulatory framework are essential. We're urging the
Government to create a landscape that supports innovation and
competitiveness across sectors and across the UK. Regulation that
encourages responsible risk taking is a powerful enabler of
economic growth.”
ENDS
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Notes to
editors:
- The BCC's ‘Blueprint for Growth'
is available to read here.
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