The Government must reform business rates, shake up the apprenticeship system and commit to new gigafactory plans to unlock a ‘wall of investment’, according to the CBI.
The business organisation said it was no time for a ‘play-it-safe Budget’ and urged Chancellor Rishi Sunak to introduce sweeping policies to tempt private companies to invest in the UK.
The next Budget and Comprehensive Spending Review is scheduled for October 27. It will be the first since pandemic support packages such as furlough and the stamp duty holiday have been rolled back.
Shake-up: The CBI said it was no time for a ‘play-it-safe Budget’ and urged Chancellor Rishi Sunak (pictured) to introduce sweeping policies to tempt private companies to invest in the UK
The CBI said the Government should reignite its role as a ‘market maker’ by reforming taxes to reward firms that invest in research, innovation and green technologies.
It should also deliver on commitments to invest £22billion in direct domestic research and development funding by 2025.
The CBI also urged reform of the business rates system that has ravaged the High Street and called for the apprenticeship levy to be turned into a lifelong learning levy to unlock business investment in training across age groups.
CBI chief economist Rain Newton-Smith said: ‘The reality is that while the UK is one of the best places in the world to do business, we do not have the same investment levels as international peers.
‘This autumn is a once-in-a-generation opportunity.’
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