The Confederation of British Industry (CBI) praised Chancellor Jeremy Hunt for
'delivering stability and protecting the most vulnerable' in the Autumn
Statement.
The business group welcomed the freeze in business rates and extra support for
those facing higher bills. Additionally, it said that staying the course on R&D
spending and major infrastructure will give a boost to communities and the
country.
However, the CBI also warned the government that many businesses will 'think
there's more to be done on growth'. It stated that stabilising the
public finances 'inevitably means difficult decisions have to be
taken', and that businesses will consider a freeze in the national
insurance contribution (NIC) thresholds and additional windfall taxes as
'the sharpest stings in the tail'.
Rain Newton-Smith, Chief Economist at the CBI, said:
'The Autumn Statement lays down an important marker for the direction of the
country. Business will work with government to turn [the] ambitions into a
serious plan for growth that can lift us all out of the current
crisis.'
Internet links: CBI website