Budget will be 'pivotal moment' for new government
10 Oct 2024
The Autumn Budget will be a 'pivotal moment' for the new Labour government as it aims for sustainable economic growth, says the Confederation of British Industry (CBI).
In its Budget submission, the business group says the task ahead is not without its challenges given the current economic and fiscal constraints.
The CBI says the key to delivering growth will be unlocking the levers to investment that let business move forward with confidence and certainty.
At the Budget, the CBI wants to see the Chancellor take the following actions:
- Boost productivity and investment via a more flexible Apprenticeship Levy as a first step towards the Growth and Skills Levy.
- Expand the Made Smarter Programme enabling digital adoption to support a skilled, reliable workforce.
- Build confidence in the transition to net zero by utilising tax incentives to drive investment into high-growth green technologies.
- Bolster business certainty with a Business Tax Roadmap alongside long-term business rates reform.
Rain Newton-Smith, CBI Chief Executive, said: 'The Budget can provide a tone setting moment in the government's growth mission that can demonstrate to markets, investors, and businesses that the UK has a credible plan for boosting its growth trajectory.
'We recognise the Chancellor is walking a fine line with limited fiscal headroom. While we cannot risk the economic stability that is the bedrock of growth, we must be ambitious in our vision with government laying the foundations for a prosperous future.'