IoD press release Budget Board must focus on easing the cost of doing business
Responding to the announcement of the creation of a Budget Board to boost economic growth, Anna Leach, Chief Economist at the Institute of Directors, said:
“We are glad to see the government putting renewed energy into the growth agenda with a particular focus on business. It is positive that the government has announced the creation of this body, bringing together teams across Number 10 and the Treasury, focussed on ensuring that the Autumn Budget delivers vitality to the economy.
“Business confidence has fallen to historically low levels since last year’s Budget. Our own economic confidence index fell to its lowest ever level in July this year, with taxes and the wider economic climate dominating concerns amongst business leaders. To be successful, this board needs to deliver a Budget that really works for business, with swift action to remove barriers to growth from the regulatory and tax system. We look forward to engaging constructively with the board to ensure the voice of enterprise is at the heart of its work.
“We would also urge the government to integrate independent representatives from the business community into the make-up of the board. The most successful private sector boards include non-executive directors to constructively challenge executive thinking, through the provision of objective insight, strategic challenge and specialist expertise. To successfully deliver on its aims, the Budget Board would be wise to follow corporate governance best practice.”
