CBI publishes Autumn Budget submission

16 Oct

The Confederation of British Industry (CBI) has published its Autumn Budget wishlist, outlining a range of measures that it believes will help the UK to ‘grow its way out of austerity’.

The business group has highlighted a host of strategies, designed to fuel business investment, spur innovation and promote competitiveness in the UK tax system.

It has called for the government to ensure that business rates ‘incentivise productive investment’, redesign the Apprenticeship Levy to ‘boost productivity growth’ and outline long-term plans for Insurance Premium Tax (IPT) and the corporation tax surcharge, with a view to phasing this out over time.

The CBI has also called for HM Revenue & Customs (HMRC) to be ‘properly resourced’ to ensure that the correct amount of tax is paid at the right time, in order to allow business owners to concentrate on running their business.

In terms of infrastructure, the CBI has urged the government to ‘immediately distribute’ the £490 million Spring Budget pledge to help ‘improve local infrastructure networks’.

Commenting on the submission, Carolyn Fairbairn, Director General of the CBI, said: ‘Faltering consumer and business confidence risks lowering living standards, so it’s important the government sends firms the right signals they need to continue investing and growing.

‘Ministers need to build on the basics to get our economy in shape for the challenges ahead by demonstrating a continuing commitment to free markets, a pro-enterprise environment and maintaining a relentless focus on the drivers of productivity.’

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