BRC And CBI Respond To Chancellor's Speech

Chancellor of the Exchequer Rachel Reeves has delivered a major speech on Labour's plans to grow the UK economy.  

BRC response: 

Responding to the Chancellor’s Speech, Helen Dickinson, Chief Executive at the British Retail Consortium, said:

"The Chancellor’s speech promised faster growth driven by greater investment. Retailers welcome the government’s focus on growth and in particular its calls for quicker planning decisions and improvements to skills and training through the creation of Skills England. Yet retail investment is weighed down by £7bn of new costs this year due to increases to employer NICs, higher NLW, and the new packaging levy. These costs are preventing new investment in shops and jobs, and forcing retailers to raise prices. 

"To mitigate the impact of the Budget and unlock retail investment right across the country, the Government should ensure its proposed reforms to business rates do not result in any shop paying more than they already do. This would not only give high streets and other shopping locations a much-needed shot in the arm, but with retailers already paying over one fifth of the total business rates bill, would help rebalance the disproportionate level of taxation levied on the retail industry."

CBI Response:

Rain Newton-Smith, CEO, CBI says: 

“It’s crunch time for growth and today the Chancellor has heeded business’ call to go further and faster. This is most evident in Ministers grasping decisions that have sat on the desk of government for too long. This positive leadership and a clear vision to kickstart the economy and boost productivity is welcome.

“A relentless focus on growth means making some bold moves, accepting trade-offs and taking risks. Leaders in boardrooms do that every day. Business understands those pressures and is ready to partner with, and invest alongside, a government that is brave and optimistic about the UK’s potential.

“The Chancellor’s announcements are smart, looking to leverage the UK’s strengths including our world class universities, innovation and openness to global talent. Along with action on planning reform, commitments to airport expansion and transport infrastructure improvements, and mobilising pension capital this is the kind of initiative that will give confidence to investors at home and abroad.

“Businesses were in need of a boost in confidence after a tough period that has seen their overheads increase and headroom for investment squeezed. Firms in the everyday economy will need to stay front and centre of government decisions to create the jobs, investment and growth we all want.”

Source : BRC and CBI

Image : claudiodivizia / iStock / 1178304624

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