Responding to the 2022 Autumn Statement, the Confederation of British Industry (CBI) praised Chancellor Jeremy Hunt for ‘delivering stability and protecting the most vulnerable’.
The business group welcomed the freeze in business rates and extra support for those facing higher bills. Additionally, it said that staying the course on R&D spending and major infrastructure will give a boost to communities and the country.
However, the CBI also warned the government that many businesses will ‘think there’s more to be done on growth’. It stated that stabilising the public finances ‘inevitably means difficult decisions have to be taken’, and that businesses will consider a freeze in the national insurance contribution (NIC) thresholds and additional windfall taxes as ‘the sharpest stings in the tail’.
Commenting on the Statement, Rain Newton-Smith, Chief Economist at the CBI, said: ‘The Autumn Statement lays down an important marker for the direction of the country. Business will work with government to turn [the] ambitions into a serious plan for growth that can lift us all out of the current crisis.’