CBI responds to King's Speech

John Foster, CBI Chief Policy and Campaigns Officer, said: 

“With a general election within the next 12 months looking increasingly likely, the priority for business is ensuring that the economy isn’t put on the back burner. The King’s Speech offers an opportunity to inject momentum into the economy and action to speed up grid connections, advance autonomous vehicle technology through future-focused regulation, and back UK businesses to trade globally through CPTPP is welcome.

“But the critical moment will be when the Chancellor delivers the Autumn Statement in just over two weeks’ time, where action to unlock business investment, deliver an internationally competitive business environment and seize high growth opportunities can help ignite the economy.

“One idea that would be a game changer in terms of unlocking business investment and driving growth is extending full capital expensing beyond the current 3-year window. A longstanding CBI campaign, our research shows that the move could deliver a permanent boost of 21% to business investment and increase GDP by up to 2% by 2030/31."