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

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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.