Responding to Philip Hammond’s speech at the Conservative Party Conference, Stephen Martin, Director General of the Institute of Directors:
“The Chancellor was right to praise the virtues of our market-based economy and emphasise the strengths of the UK's many innovative and entrepreneurial business.
"Actions speak louder than words, however, and he must back up his support for business in the upcoming Budget. There was little red meat for business leaders today, and if he wants to unleash the nation’s potential, he must use the Budget to boost investment by individuals and companies.
“As revealed by our survey this morning, business investment tipped into negative territory in August. The IoD has, therefore, called on the Chancellor to prioritise tax changes to boost entrepreneurial companies, including raising the Annual Investment Allowance cap to £1m, and relieving restrictions on reliefs for investing in start-ups and growing companies.
“On Brexit, it was welcome to hear the Chancellor acknowledge the importance of a transitional period, but he also to has make the domestic changes needed to shore up business confidence."