EEF calls on government to boost business confidence
The Engineering Employers Federation (EEF) has urged the government to tackle the 'deteriorating' economic outlook and 'plummeting' business confidence in next month's autumn statement.
The EEF suggested that the Chancellor's speech include a programme of reform to boost business growth and called for a number of actions to reduce the burden of taxes and regulation. This, it says, will make it easier for companies to find the finance and skills they need to grow their businesses.
As well as suggesting that the business growth fund be extended, the EEF put forward a reform of the research and development tax credit to make it more effective. It also proposed a rethink of equal pay audits, employment tribunals and flexible working.
"This Autumn, the Government must get its Growth Plan back on track," said EEF chief executive, Terry Scuoler. "Manufacturers are looking to invest but they need to see Government take the right decisions on issues such as boosting competition in the banking sector, reducing employment regulation and addressing the cost of fighting climate change.
"Timely and targeted measures are required now to boost investment and growth. Last year, the biggest threat to growth came from our fiscal deficit. Today the biggest threat to reducing that deficit comes from weak growth. Failure to act now will only make the future challenges even bigger and risks undermining our hard won fiscal credibility."
