Responding to the Chancellor’s speech at the Labour Party Conference, Shevaun Haviland, Director General of the British Chambers of Commerce, said:
“The Chancellor was right to highlight the progress made on infrastructure, overseas investment and trade in recent months. These are key foundations for future economic growth, and we urge the government to go further and faster.
“The BCC has long been calling for a youth mobility scheme with the EU to boost our economy, so this was encouraging to hear. The announcement of a Youth Guarantee will also prevent a lost generation and realise the potential in every young person.
“But with just weeks to go until her Budget, the Chancellor was always unlikely to give much away today. Her speech was largely about setting the tone for this Autumn’s challenging fiscal statement. It will need to go further to directly address business needs.
“Firms recognise the clear message that fiscal responsibility is important, but they are still hurting. The impact of the national insurance rise continues to be felt. It has hit confidence, investment and recruitment.
“That’s why our message to the Chancellor is this: ‘if you want to see growth, there can be no more taxes on business’. She must use the tax system to incentivise investment and growth. To boost business confidence, the Budget must deliver on skills, lower trade barriers to grow exports and go further on infrastructure.”