Recent CBI analysis revealed that inaction on business rates, together with recent Government policy changes, including the National Living Wage and the Apprenticeship Levy, will cost businesses around £9bn every year by 2020-21 and around £29bn over the course of this Parliament.
The CBI wants to see a series of targeted steps to back UK-based businesses and support their growth ambitions. This includes making the UK tax and regulatory system more competitive; creating the environment and capabilities to innovate; providing certainty on energy policy; promoting skills and talent needed for growth and improving access to world markets.
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Rain Newton-Smith, CBI Director of Economics, said:
“Many sectors continue to feel the pinch as a result of global headwinds to the UK economy. At home, the Chancellor faces tough choices to continue the important job of balancing the public finances. But, the UK needs to be able to grow its way out of the deficit – the Government must send a clear signal that it stands behind business in driving jobs and prosperity.
“Businesses will want to see concrete action to reform the UK’s business rates system, support investment through the capital allowance system and equip our world-class innovators with the tools they need to compete globally.
“Growth in the UK economy does continue to hold up, but with the policy costs to business creeping up, the Government must show that it is serious about supporting UK companies to invest and prosper.”