Business priorities for the budget
Launching the CBI’s submission for the forthcoming budget on 16th March, Carolyn Fairbairn urged the chancellor to reduce the cumulative burden on business.
To help this, Carolyn called for a series of targeted steps to back UK-based businesses and support their growth ambitions.
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In order to reduce the burden and support business, the CBI is calling for action in five areas: making the UK tax and regulatory system more competitive; creating the environment and capabilities to innovate; providing certainty on energy policy; promoting the skills and talent needed for growth; and improving access to world markets.
Carolyn emphasised these messages when she met the chancellor of the exchequer George Osborne MP earlier this month. Carolyn made clear that, in this budget, businesses want to see key measures including the government updating the UK’s business rates system, supporting investment through the capital allowance system and equipping our world-class innovators with the tools they need to compete globally.
The CBI’s submission demonstrated that recent government policy changes, including the National Living Wage and the Apprenticeship Levy, will cost businesses around £9 billion every year by 2020-21 and around £29 billion over the course of this parliament.
While businesses are ready to work constructively with government on making the NLW and Levy work effectively, the submission argued that this rising burden of policy costs has now crept up far enough, if the government is serious about supporting the UK’s companies to drive growth in the economy.
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