CBI chief’s ‘low growth’ warning piles pressure on Chancellor over tax
Concern: CBI boss Rain Newton-Smith
The Confederation of British Industry (CBI) will today urge Jeremy Hunt to save Britain from ‘low growth and missed opportunities’ as he finalizes his autumn statement.
It will further increase pressure on the Chancellor to ease the burden on businesses by making permanent a ‘full charge’ tax break, which rewards investment but expires in 2026.
CBI chief executive Rain Newton-Smith will tell the organisation’s annual conference that it is time to ‘reinvigorate British growth and opportunity and our pride on the international stage by taking action to increase business investment and skills ‘.
“There is a consensus on the need to achieve sustainable growth that improves the lives of people today and those of future generations,” she will add.
‘Don’t let the story of 2024 and the decade ahead be a British story of low growth and missed opportunities.’
It is understood Hunt will address the conference in London later. The CBI’s call comes after Bank of England forecasts suggested Britain is teetering on the brink of recession with zero growth next year.
That has fueled calls for the Chancellor to revive the economy by cutting taxes, especially after reports suggested he would have billions of pounds more “headroom” to spend than previously thought.
Hunt said last week that Britain has “turned a corner” as inflation fell to 4.6 percent.