IoD Press Release  Chancellor's commitment to reducing business burdens is welcome

“The Chancellor’s restatement of the value of fiscal discipline will be welcomed by businesses and investors alike. Fiscal stability is essential for containing borrowing costs and minimising the strains on the public finances. The recommitment to the Industrial Strategy and the deregulation target, the extension of judicial review reforms, and the focus on stronger partnerships between government, business and academia are all also positive signals. Together, they can help create the conditions needed to support investment and growth.

“It is encouraging to hear a clear restatement that investment and growth remain the key priority for government – both local and national. The Chancellor rightly recognises the barriers to investing that businesses face – from higher taxes on hiring to the heavy cost of regulation – and the commitment to reducing those burdens is encouraging.

However, businesses will need more than warm words come the Budget. Instability and rising costs within the tax and regulatory system are delaying investment decisions and undermining the UK’s competitiveness. To boost business confidence and investment, the government must move swiftly to address uncompetitive energy costs and provide greater certainty through a refreshed and expanded business tax roadmap. If firms are to seize the growth opportunities ahead, they need a stable, predictable and internationally competitive environment in which to invest.”