28 October 2018

  |  CBI Press Team

News

Business view on what we know of the Budget so far

The CBI response to the Chancellor's proposals to boost high streets and invest more in England's roads.

Business view on what we know of the Budget so far

On proposals to boost UK high streets, Rain Newton-Smith, CBI Chief Economist, said:

“It’s no secret that the UK’s high streets are under pressure, with boarded up shops all too frequent a sight in many parts of the country.

“This is down to a number of factors, but one of the main culprits is a clunky Business Rate system and so this relief for small enterprises will be welcomed by many.

“The roots of the problem go far deeper though, with Business Rates giving larger retailers serious headaches, alongside manufacturers and logistics firms.

“There must be a wholescale review next year to deliver a system that encourages greater investment in digital, new technologies and energy efficiency.”

 

On proposals to increase investment in England’s road network, Matthew Fell, CBI Chief UK Policy Director, said:

“A well-functioning road network is the lifeblood of day-to-day business and we have much work to do on this front.

“Investing so significantly in our roads could help ease the all too real delays that people face just getting to work and firms transporting goods to final destinations, let alone travel for any other reason.

“It’s not just about providing the funds to create new networks, but to expand existing routes and simply fill the pot-holes that plague far too many roads.”