Industry News - 1st December 2021
Business groups gave a mixed response to Chancellor Rishi Sunak’s 2021 Autumn Budget speech.
Responding to the speech, the Confederation of British Industry (CBI) said that the Chancellor had shown a willingness to listen to business with measures that will help firms innovate and the economy grow.
However, Tony Danker, Director General of the CBI, warned:
‘This Budget alone won’t seize the moment and transform the UK economy for a post-Brexit, post-Covid world. Businesses remain in a high-tax, low-productivity economy with concerns about inflation.’
Meanwhile, the Federation of Small Businesses (FSB) also voiced concerns over the Chancellor’s Budget announcements.
Mike Cherry, National Chair of the FSB, said:
‘This Budget has delivered some measures that should help to arrest the current decline in small business confidence.
‘But against a backdrop of spiralling costs, supply chain disruption and labour shortages, is there enough here to deliver the government’s vision for a low-tax, high-productivity economy? Unfortunately not.’
The British Chambers of Commerce (BCC) welcomed the changes to the business rates system in England. Shevaun Haviland, Director General of the BCC, commented:
‘The Chancellor has listened to Chambers’ long-standing calls for changes to the business rates system and this will be good news for many firms. This will provide much needed relief for businesses across the country, giving many firms renewed confidence to invest and grow.’