CBI: Spending Review is golden opportunity to invest in UK's future growth

3 Sep 2019 12:20 PM

The upcoming spending review is the perfect opportunity for the Government to focus on pressing domestic issues and lay the groundwork for the UK’s future growth, according to the CBI.

In its submission to the Treasury ahead of this week’s Spending Review, the UK’s largest business group says that sorely needed investment – in education and skills, local and digital infrastructure, reaching net-zero and accelerating research and development (R&D) – cannot be put off until after Brexit is resolved. To do so would only add to the uncertainty facing firms, further delaying investment decisions and harming the UK’s competitiveness in the long-run. Now is the time to put the building blocks in place for a comprehensive multi-annual spending review in 2020.

Among other priorities, the CBI is calling on the Government to:

Invest in people and reduce skills gaps

Boost local transport and infrastructure spending

Make the UK the world’s leading low carbon and innovative economy

Rain Newton-Smith, CBI Chief Economist, yesterday said:

“For three years, Brexit has consumed everything on the political agenda, leaving much needed reforms and progress on domestic policy stuck on the side lines.

“The UK has the very best potential to become a high skilled, innovative, well-connected and sustainable nation fit to face the opportunities and challenges of the twenty-first century. The Spending Review is the time to put down the markers to make this happen, and put an end to inaction and inertia.

“From investing in young people to meet the opportunities of a modern economy to setting the UK up to be the world’s leading low carbon economy and pushing ahead with major national infrastructure projects, the Review is a golden opportunity to invest in the UK’s future growth.”

Other commitments the CBI wishes to see from the Government include: