14 July 2020
Rain Newton-Smith, CBI Chief Economist, said:
“This latest OBR analysis reflects the scale of the economic harm caused by this pandemic. We’re not out of the woods yet - firms continue to struggle with cash flow and weak consumer demand. The Chancellor’s Summer Statement took important action to flatten the curve of unemployment but more may be needed.
“Economic recovery is the key to balancing the public finances over the longer term and the Autumn Budget is likely to be too early to make significant inroads through tax rises and public spending cuts. It will take several years for the UK economy to recover to pre-crisis levels and ensuring a jobs rich recovery must be the number one priority by supporting business to thrive.”