CBI urges Chancellor to 'deliver action that will drive economic momentum' in Budget

13 Feb 2023

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.