WIREDGOV

CBI has responded to Shadow Chancellor’s speech at Conservative Party conference.

Rain Newton-Smith, CBI Chief Executive, said:

“Businesses will welcome the Shadow Chancellor’s enthusiastic backing for enterprise, as well as his steadfast commitment to fiscal responsibility.

“There will also be strong alignment with the view that the current tax burden on business is too high, and that recent measures – like the rise to employer NICs and the Employment Rights Bill – are damaging confidence, dampening investment and downgrading our growth prospects.

“While plans to abolish business rates for hospitality, leisure and retail businesses could give high streets a boost, it’s more fundamental reform of a broken business rates system that is needed if we’re to incentivise the investment our country needs. Going further by shifting from a slab to a slice-based system would make a huge difference to increasing investment for businesses of all sizes and sectors, while also simplifying the system and removing the need for additional reliefs altogether.

“Business will however be concerned by reactionary proposals to scrap key pieces of legislation, like the Climate Change Act, that have done much to boost confidence and underpin investment in high growth sectors. Firms will now want to a see a comprehensive, forward-looking vision for the economy focused on unlocking business investment.”