IoD press release Achieving fiscal credibility and growth
In advance of the Chancellor’s Autumn Statement on 26 November, the Institute of Directors (IoD) has unveiled its Budget submission, outlining a comprehensive set of 42 policy recommendations aimed at restoring fiscal credibility and driving sustainable economic growth.
These recommendations include:
- Give clarity on the next evolution of the fiscal rules and increase the fiscal buffer
- Create a 10-year strategy for benefit reform to improve work incentives and ensure sustainability
- Include income tax in the tax mix, where significant revenue needs to be raised in the short-term
- Improve the tax roadmap for business to deliver stability and reduce burden
- Make sensible reforms to the Employment Rights Bill to preserve jobs
- Accelerate meaningful and responsible technology diffusion, with clear governance
Anna Leach, Chief Economist at the Institute of Directors, said:
“Business confidence hit a record low in September, with cost pressures – particularly employment costs – continuing to rise. There’s real concern that the upcoming Budget could intensify these pressures at a time when many firms are already on the edge.
“The government’s manifesto commitments increasingly clash with its growth ambitions, steering policy toward tax measures that risk undermining economic recovery and living standards. Whilst the government is right to prioritise the living standards of working people, this is best served through going for growth, rather than preserving today at the expense of tomorrow.
“Our submission identifies areas where the fiscal framework can be strengthened, unsustainable spending addressed, and tax policy refined to maximise growth. These strategic choices are essential to unlocking the UK’s economic potential.”
