22 November 2017

Press release

#Budget2017: Chancellor grips steering wheel on economy

This has been a good Budget for a country in tough times. Read the CBI's initial response to Chancellor Philip Hammond's budget statement. 

#Budget2017: Chancellor grips steering wheel on economy

Carolyn Fairbairn, CBI Director-General, said:

“Against a sombre economic backdrop, the Chancellor today gripped the steering wheel on the UK economy. This is a budget that balances support for people on squeezed incomes with vital action to help grow the UK out of austerity. But delivery is everything.

“Action on business rates, R&D tax credits, the National Productivity Investment Fund and Brexit planning will help firms to invest and grow today against an uncertain Brexit backdrop.

“It was good to see focused investment in the long-term drivers of growth that underpin sustainable prosperity.

“Building a skills system that supports the 4th industrial revolution is the right ambition, but the approach needs to be joined-up with the National Retraining Partnership delivering a stable approach and apprenticeship levy flexibility.

“Additional investment in infrastructure will help tackle regional inequalities. The support for housing supply is critical for people and firms. Metro mayors will also welcome greater options for transport funding, but regions without devolution deals must not be left behind.

“And by making the most of tomorrow’s technologies, including increasing investment in R&D and fuelling innovation the Government will help create a virtuous circle by drawing in private sector funding.

“The challenge now is turn words into action. For Government and business, this starts next week with the Industrial Strategy.”