Chancellor needs to make 'tough fiscal choices on spending and tax', says CBI

15 Nov 2022

The Confederation of British Industry (CBI) has stated that Chancellor Jeremy Hunt will need to make 'tough fiscal choices' at this week's Autumn Statement in order to achieve market stability.

The business group warned the Chancellor that failing to match action on spending and tax with measures to combat labour shortages and productivity could be 'damaging in the short and long-term'.

It also said that the Autumn Statement needs to encourage investment in capital projects and new innovation if the government is to avoid risking 'another decade of flatlining productivity'.

Tony Danker, Director General of the CBI, commented: 'The Autumn Statement will need to deliver the market stability the new Prime Minister and Chancellor have pledged since taking office. But while I have no problem with tough choices to deliver stability, I do worry that the government won't take tough choices to deliver growth.

'All of us need to accept now that with fiscal and monetary policy tightening, we need many more pro-growth policies for our economy if we're to avoid a decade of no growth.'