Rupert Soames, chairman of the CBI business group, will say on Thursday that the Government’s growth ambitions must be matched with action and that business confidence must be restored to spur on investment needed to support expansion.
But he will add that slogans such as “growth, growth, growth” must be backed by action on strategy and policy.
Mr Soames will say: “The Budget may have worked to fill a hole in the public finances by significantly increasing taxes on business, but in filling one hole it has created another – in the confidence and trust of business… this is not conducive for encouraging businesses to invest.
British business is calling on the Government to help get the “flywheel of the economy turning” with concrete strategies and policies as official output figures are expected to show a difficult end to 2024.
Chancellor Rachel Reeves has made it her mission to see the economy grow, but there are fears that her move to hike national insurance contributions and the minimum wage will see businesses raise prices and slash jobs.
