Autumn Statement preview – IoD delivers message to Chancellor
In light of tomorrow’s Autumn Statement, The Institute of Directors (IoD) has put forward ten points the organisation feels the Chancellor must consider.
According to the IoD the overriding message is that he must stick to fiscal Plan A, whilst ensuring our transport and energy infrastructure and our tax system provide a firm basis for economic recovery.
Gerry Jones, chairman of the IoD in the South West, comments: “George Osborne is in a difficult position. The global economy has been much rockier over the last two years than most expected; growth has been weaker and public borrowing higher than we hoped.
“Some would like The Chancellor to abandon his targets and embrace bigger deficits, but he must hold his nerve. It’s only through controlling public debt that Britain will retain the confidence of the markets and create strong foundations for recovery.
“Swift action to establish a British shale gas industry would be a welcome initiative to develop a new sector in this country, and reduce our reliance on expensive imports.
“If Mr Osborne moves to give shale an emphatic green light, he will have manufacturers and consumers cheering him on.”
A major survey from EEF, the manufacturers’ organisation, and South West accountancy firm BDO LLP also spelled out some measures it would like the Chancellor adopt to boost the economy.
Phil Brownsord, who is the South West Director of EEF comments: “This week the Chancellor must send a strong signal to industry that it is getting a firm grip on the levers of growth.
“We need to get business investment going again. The Autumn Statement should prioritise measures to support business investment through the tax system and, to increase competition in business banking.
“But, individual measures are on their own are not enough. They should be part of a Growth Plan that demonstrates to business that all of government has a week-in, week-out focus on growth.”
EEF is also calling for an immediate review of the SME Banking system and a reduction in National Insurance Contributions for employers investing in higher level Apprenticeships.