The Confederation of British Industry (CBI) have described the recent budget by George Osborne as ‘make or break’; coming at a critical time in the UK’s economic recovery.
While the CBI believes that higher than expected growth in the short term is encouraging, they are please that the Chancellor has recognized that tough challenges remain ahead: ‘it’s right that the budget reflected the fiscal reality.’
‘The economy needs to rebalance and this Budget will help businesses hungry to invest and export’.
Supporting the energy industry
The CBI has outlined that energy intensive industries are crucial to building a low carbon economy and it’s right that the Government is taking action to mitigate cost for these firms.
Many businesses across the country are struggling with high energy costs and recent budget measures should help to support key sectors against international competition.
According to the CBI, ‘we now need to see action from ministers to secure an ambitious EU wide 2030 emissions reduction target to drive investment in our low carbon future’.Apprenticeships
The recent budget recognizes that apprenticeships are a crucial tool in fighting skills shortages and youth unemployment. The CBI has commented that this additional support is very welcome: ‘we still need to better demonstrate the benefits of apprenticeships to young people’.
Adapted from a press release by Emma McAleavey.