The CBI reacted to the Budget delivered by the
Chancellor of the Exchequer, the Rt. Hon. .
Carolyn Fairbairn, CBI Director-General,
said:
“This is a breakthrough Budget for skills. There has
never been a more important time for the UK to sit at the global
top table of technical education for young people.
“Firms will be looking for ongoing partnership with
the Government as they try to make the Apprenticeship Levy
work.
“However, with inflation rising and the cumulative
burden weighing on businesses’ shoulders, limited relief for
firms hit hard by business rates falls short.
“Firms are wholly committed to the health and
wellbeing of their people, and are pleased to see an increase in
spending on social care.
“Businesses will be pleased to see the Chancellor’s
continued watchful eye on getting the deficit down and avoiding
surprises.”
On technical education, Carolyn
said:
“Firms are delighted by the Chancellor’s
announcement, as the number of teaching hours for technical
subjects is fundamental to delivering world class training for
our young people in every part of the UK.
“With the majority of people who will be working in
2030 already in the workforce now, the focus on adult skills
provision will put this type of training on the right path to
major and necessary improvement.”
On the National Productivity Investment Fund,
Carolyn said:
“Clarity on how the National Productivity Investment
Fund will be delivered is welcome and will help firms in every
corner of the UK to invest with greater confidence for the long
term.
“Businesses look forward to working with the
Government to see these plans – such as on the implementation of
the £690 million competition fund to improve local transport
connections – come to fruition. Only then will they act as a
catalyst for investment, jobs and growth.
On business rates, Carolyn
said:
“The Chancellor’s recognition of the challenges posed
by business rates through increased transitional relief for
smaller businesses, is welcome.
“But there is no immediate prospect of more frequent
valuations, or broader relief from rising business rates in a
world of higher inflation, which businesses were looking
for.
“Over the longer term, firms want to see a wider
reform of business rates as part of the Chancellor’s efforts to
create a more modern tax system.”
On National Insurance Contributions, Carolyn
said:
“We understand the decision to introduce a simpler
tax system by reducing the difference between employee and
self-employed National Insurance Contributions, but it must
continue to incentivise entrepreneurship.”
On innovation, Carolyn
said:
“The commitments on 5G technology are the first step
towards keeping the UK at the forefront of the digital revolution
and delivering future-proofed connectivity to businesses across
the UK. Taken with the allocation of funds for disruptive
technologies, such as artificial intelligence, the budget
contained useful measures to keep UK businesses ahead of the
curve.”
On energy, Carolyn
said:
“It is right that the Government is considering a
revised future framework to ensure investment in a low-carbon,
secure and affordable energy system.
“With limited visibility beyond the current Levy
Control Framework, the Government should look to clarify the
future system as soon as possible.”
On social care, Carolyn
said:
“While care providers will warmly welcome the
extra funding, tackling the growing issues facing the sector
calls for the Government and industry to work in partnership to
find long-term, sustainable solutions.
“Encouraging more targeted savings through new
insurance products could form part of this thinking. We look
forward to responding to the forthcoming Green
Paper.”
