Business News
Businesses in need of ‘Budgetary Confidence Boost’ following economy shrinkage
The Office for National Statistics has delivered findings of a 0.6% slump on the economy for the last quarter of 2010, quashing initial estimates of 0.5%. Following these findings, the British Chamber of Commerce (BCC) has advised the Government to take steps to boost business confidence by putting together a budget with the main focus looking to be growth following the disappointing GDP figures released.
The BCC Director General David Frost has stated that “Business is not seeking hand-outs but needs the Government to create a climate in which they can grow. That means less not more employment legislation, a greater focus on boosting British exports and keeping pressure on the banks to ensure that businesses can access finance.
“If the Government provides a radical framework, business will do what it does best - creating wealth and jobs, innovating to deliver strong companies and providing the much needed growth for this country.”
In addition to the BCC’s recommendations, Manufacturers’ organisation, the EEF has made calls to the Government to focus on tax, access to finance, skills issues and regulation as set out in their Budget submission to the chancellor, and to particularly factor in investment and environmental taxes as a priority with a key area of focus to be the capital allowances regime.
“Last year's Emergency Budget was about sorting out the public finances, this one needs to be about generating stronger economic growth underpinned by investment, innovation and exports,” commented the EEF's director of policy, Steve Radley.
The 2011 Budget will be presented by Chancellor George Osborne on the 23 March.
