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CBI REACTS TO CHANCELLOR’S AUTUMN STATEMENT AND GROWTH REVIEW

CBI

29 November 2010

The CBI today commented on George Osborne, the Chancellor of the Exchequer’s Autumn Statement, and the launch of the Government’s Growth Review, called The path to strong, sustainable and balanced growth.
John Cridland, CBI Director-General Designate, said:
“It is reassuring that the OBR has confirmed the CBI’s view that we are on an upward growth trajectory. This should be able to deliver a rebalancing of the economy and sustainable job creation.
“The statement has also provided encouraging signs of a more competitive UK corporate tax regime.
“In particular, the Chancellor has gone some way to addressing business’s concerns about tax in respect of foreign profits. The CBI also warmly welcomes the decision to introduce a 10% corporate tax rate on new patent income.
“It will take time for international investors and globally mobile businesses to be convinced, but these are welcome steps.
“The Government’s Growth Review seeks to remove road blocks to growth, and the CBI will seize the opportunity to provide evidence-based solutions on critical areas, including access to finance, employment regulation, land use planning and exports.”