CBI responds to Chancellor’s September growth speech

Louise Hellem, CBI Chief Economist, said:

“Business will welcome the Chancellor’s clear commitment to use every lever of the state – in partnership with business – to deliver the step change in growth the UK urgently needs.

“The Chancellor is right that growth is not an abstract prize: it is the route to putting the public finances on a sustainable footing and improving living standards in every part of the country. Fiscal discipline and a competitive business environment must go hand in hand if the UK is to win investment that might otherwise go overseas.

“Early action to unlock regional growth across the country is encouraging. Backing high-growth firms in the North and using the National Wealth Fund to crowd in private investment can help turn ambition and innovation into jobs, productivity and stronger local economies.

“Securing investment is essential to the UK’s long-term prospects, so businesses will be reassured by plans to tackle regulatory bottlenecks, speed up decision-making and give investors greater confidence. Cutting unnecessary regulation must now translate into faster delivery on the ground.

“Accelerating the growth of UK unicorns should be a national priority. New sandboxing powers can help de-risk innovation and give firms the confidence to develop next-generation products, services and technologies here in the UK, rather than looking abroad for support.

“Firms will welcome the positive signals of intent from the Chancellor and will now be looking ahead to the Budget to see whether the government can match its ambition with decisive action to cut business costs and give firms the headroom they need to invest.”