Chancellor urged to use Autumn Statement to outline growth

BUSINESS leaders in Coventry and Warwickshire have urged the Chancellor to outline a “clear plan for growth” when he delivers his Autumn Statement later this month.

The Coventry and Warwickshire Chamber of Commerce said it was time to send the clearest signal yet to business that the Government has a plan for growth.

The British Chambers of Commerce has written to the Chancellor after speaking to member chambers across the country to gauge the views of firms on the policies needed for growth.

Louise Bennett, the chamber’s chief executive, said: “As tough as it is, the chamber has broadly supported the deficit reduction programme and we have all seen what has happened to countries that haven’t produced a plan to get their debt down.

“Rebalancing the economy away from public sector spending and consumption to an investment and export led recovery was never going to happen overnight.

“But as a chamber locally and nationally, we are speaking to the Government to let them know just how crucial this Autumn Statement is going to be and that business wants to see a clear plan for growth set out.”

One of the priorities is for a reduction in red tape, said the chamber.

“We have conveyed very clearly and consistently for deregulation. The Government recognises how much of an issue this is to businesses across the country, including here in Coventry and Warwickshire,” added Ms Bennett.

“But recognition of the fact that it is a serious problem is one thing, we now need to see action and a comprehensive plan for deregulation and a timescale for when that will happen so it can be held to account.

“We also want to see additional accelerated infrastructure spending on projects which are of critical importance to our competitiveness as a nation.”

The main purpose of the statement should be to stimulate growth and job creation, she said.

Ideas put forward include changing the NICs holiday to offer incentives from the date of first employment rather than from the date of the start-up to allow more companies to take advantage of it.

“We also believe, among many other options open to the Chancellor, that there should be further investment in promoting exports because we have seen here how support for international trade can help hundreds of companies do business overseas which ultimately benefits the whole economy.

“While we understand that this is not the Budget, this Autumn Statement is important in giving business the confidence that there is a plan to bring about sustained growth,” said Ms Bennett.