The head of the CBI has warned chancellor Jeremy Hunt that he risks pushing corporate Britain into “hibernation” if the Autumn Statement does not include reforms to nurture economic growth.
Tony Danker, director-general at the CBI, said he had spoken to scores of companies in the past few weeks about their plans, and was clear Hunt’s statement on Thursday would be key for many of them in deciding whether to invest in the UK or retreat from the country.
Danker said without a series of supply-side reforms the UK risked curbing business investment.
“Our planning rules allow local officials to hamper major projects we need. Our regulatory regime does not do enough to incentivise investment and innovation.”
He added that the government should look to alleviate the burden of business rates, which are set to cost companies an additional £3bn in April because increases will be based on inflation at a 40-year high of 10.1%.
