Spending Review is golden opportunity to invest in UK's future growth

Latest News Tue, Sep 3, 2019 1:59 PM

Today's planned spending review is the perfect opportunity for the Government to focus on pressing domestic issues and lay the groundwork for the UK’s future growth, according to the CBI.

In its submission to the Treasury ahead of the Spending Review, the UK’s largest business group says that sorely needed investment – in education and skills, local and digital infrastructure, reaching net-zero and accelerating research and development (R&D) – cannot be put off until after Brexit is resolved.

To do so would only add to the uncertainty facing firms, further delaying investment decisions and harming the UK’s competitiveness in the long-run. Now is the time to put the building blocks in place for a comprehensive multi-annual spending review in 2020.

Among other priorities, the CBI is calling on the Government to:

Invest in people and reduce skills gaps

  • Restore per pupil funding for colleges and sixth forms to 2011/12 levels in the long-term
  • Deliver new T-Levels and following through on the previously committed £38 million by 2020/21
  • Maintain the 0.5% rate at which firms pay the Apprenticeship Levy for the duration of this Parliament and publish Levy receipts and expenditure
  • Protect per pupil funding for schools in real terms

Boost local transport and infrastructure spending

  • Follow through on commitments to deliver crucial large investment projects, including HS2, Crossrail and Northern Powerhouse Rail
  • Deliver full fibre connectivity to the last 10% of homes and businesses

Make the UK the world’s leading low carbon and innovative economy

  • Encourage the retrofitting of homes, particularly social housing, with energy efficient measures to a C (or better) rating by 2030
  • Subsidise the provision of rapid charge points to complete coverage of electric vehicles in the UK
  • Protect departmental R&D spending and outline a route to reaching the 2.4% target
  • Ensure funding from the European Investment Fund is matched for the next financial year

Rain Newton-Smith, CBI Chief Economist, said: “For three years, Brexit has consumed everything on the political agenda, leaving much needed reforms and progress on domestic policy stuck on the side lines.

“The UK has the very best potential to become a high skilled, innovative, well-connected and sustainable nation fit to face the opportunities and challenges of the twenty-first century. The Spending Review is the time to put down the markers to make this happen, and put an end to inaction and inertia.

“From investing in young people to meet the opportunities of a modern economy to setting the UK up to be the world’s leading low carbon economy and pushing ahead with major national infrastructure projects, the Review is a golden opportunity to invest in the UK’s future growth.”

Other commitments the CBI wishes to see from the Government include:

  • Develop a clear framework for English devolution, with clear guidelines to support new deals
  • Plug the gap in trade policy staff within the Trade Policy Group, filling the 135 vacancies by 2020.
  • Give the Industrial Strategy Council statutory powers on par with institutions such as the OBR to monitor and assess the government’s industrial policy.

Featured News

Specification news
Minister claims 300,000 new homes target is reachable

Current Housing Minister Esther McVey has pledged the Government will hit its 300,000...

Read More >>

Specification news
JAMES LATHAM DEMISTIFIES COMPLEX FIRE DOOR APPLICATIONS

As a proud supporter of Fire Door Safety Week 2019, James Latham is helping the...

Read More >>

BUILDING PRODUCT LIBRARY - LATEST BROCHURES

Flat Roofing Systems Brochure

Flat Roofing Systems
By Langley Waterproofin...

Download Now >>

Basement Pump & Drainage Brochure Brochure

Basement Pump & Drai...
By Delta Membranes Syst...

Download Now >>

KOSTER - Green Pages of Construction Chemicals Brochure

KOSTER - Green Pages...
By Delta Membranes Syst...

Download Now >>

Delta Podium Deck Brochure Brochure

Delta Podium Deck Br...
By Delta Membranes Syst...

Download Now >>

BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS

Ultima Spandrel Panels
Ultima Spandrel Panels

Our non-combustible cladding and fire resistance are of the utmost importance. The Spandrel panels...

Read More >>

JB Green
JB Green

Premium Type A timber batten for a wide range of applications.Made from slow-grown, kiln dried...

Read More >>

Wessex
Wessex

All of our concrete interlocking tiles can achieve an 'A+' rating (which has the lowest...

Read More >>

CONSTRUCTION VIDEOS - LATEST VIDEOS

Acoustic and Fire Retardant door blanks | James Latham | Moralt
Acoustic and Fire Retardant door blanks | James Latham | Moralt

Acoustic and Fire Retardant door blanks are available from any James Latham depot, Moralt Firesound...

Watch Now >>

Perforated metal - see ideas come to life
Perforated metal - see ideas come to life

More than a century of experience and limitless possibilities with high quality perforated products...

Watch Now >>

8 Airflow - Saffron Acres
8 Airflow - Saffron Acres

Saffron Acres is a social housing development in Leicester. Currently there will be 68 homes built,...

Watch Now >>