TUC: Annual decline of 1.5% in business investment requires response in budget

23 Feb 2017 01:16 PM

Commenting on new figures published yesterday (Wednesday) by the Office for National Statistics, which show annual business investment fell by 1.5% in 2016 – the  first annual decline since the recession – TUC General Secretary Frances O’Grady said:

“It’s very worrying to see that business investment is already falling with the challenges of Brexit ahead. If this trend continues, working people will pay the price through weaker wages and fewer jobs.

“Despite a modest boost to public investment last year, UK investment still lags behind the world’s leading industrial nations. With private sector investment in retreat, the Chancellor must focus on closing the gap with our competitors in next month’s budget. This would help protect jobs and wages, and it would give a much needed boost to business confidence.”

Notes to Editors:

• All TUC press releases can be found at tuc.org.uk/media
• TUC Press Office on Twitter: @tucnews