business

Chamber Ceos Tell Chancellor ‘Now Is The Time To Talk Investment’

Image by Gerd Altmann from Pixabay

The Chief Executives of 37 Chambers, representing over 35,000 businesses, have called on the Chancellor Jeremy Hunt to use next week’s Autumn Statement to offer ‘much needed solutions to Britain’s investment problem’.

In an open letter, organised by the British Chambers of Commerce, the business leaders say ‘For local economies to thrive, they need business investment, but this has been too low for too long’.

The CEOs ask the Chancellor to ‘tackle the fundamental issues inhibiting growth’ in his statement. The letter reiterates the BCC’s call for action on three key policy issues:

Overhaul the planning system
Upgrade the electricity grid
Make full expensing permanent

The Chamber leaders tell the Chancellor ‘through making these policy changes, we believe it will send a strong signal that Britain is open for business’. And they conclude by saying ‘now is the time for Government to act’.

Shevaun Haviland, Director General of the British Chambers of Commerce, said:

“This letter shows the strength of feeling within our Chamber network that we need a bold Autumn Statement that unlocks growth.

“Our latest Quarterly Economic Survey – a poll of over 5,000 businesses – found that investment is flatlining as interest rates grow.

“Action on planning, the grid and full expensing could burst open the dam holding back billions of pounds of investment into the UK economy.

“It’s vital we unlock this money and take steps to put British business in the best place possible to remain competitive in the global marketplace and weather any further economic shocks.”