Spending ambition will boost UK, but held back by uncertainty

Rain Newton-Smith, CBI Chief Economist, said:

“Businesses will be heartened to see the Government’s ambition to overcome regional inequalities and revitalise our education system.

“Our members know that skills underpin opportunity and growth. Firms called for the Government to increase spending on schools and Further Education colleges, and are pleased the Chancellor has rightly invested in 3-18 year-old education. This will help people succeed in and prepare for the workplace of the future.

“The United Kingdom’s stop-start infrastructure development is holding back our growth. Strengthening local economies with extra funding will help meet the challenge of making all regions of the country vibrant places to work, live and invest in. But the sooner ambition can be turned to action, the faster firms can get on with sharing prosperity across the country.

“The UK is home to some of the world’s most highly prized and sought-after products and services. We welcome the Chancellor’s boost to our international trade network to support our world class exporters.

“Firms will welcome the Chancellor’s warm words on the UK’s transition to a net zero economy, but will want to see significantly more detail in the forthcoming infrastructure review.

“But let’s be clear – in the event of a No Deal, the damage to our economy means this ambition will count for nothing, and the country will be stuck in a swamp of uncertainty.”