In its Spring Budget submission, the Confederation of British Industry (CBI) has urged Chancellor Jeremy Hunt to boost business confidence and encourage investment.
The business group proposed a range of measures to help boost the UK economy and support businesses in its Budget submission. It suggested replacing the capital allowances super-deduction either by introducing full expensing for capital investment or setting out a roadmap towards doing so and supporting firms to be more energy efficient as they prepare for next winter.
The CBI also recommended turning the Apprenticeship Levy into a ‘Skills Challenge Fund’, allowing firms to spend the money on training and skills.
Commenting on the submission, Tony Danker, Director General of the CBI, said: ‘The Chancellor has restored market stability and reassured business of the government’s commitment to areas like innovation, R&D and infrastructure.
‘With a new Whitehall machinery in place, this Budget is the opportunity to get the UK out of any recession sooner rather than later and transform the UK into a high-growth, innovation-first economy.’
The Chancellor will deliver the 2023 Spring Budget on 15 March.