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February 14, 2018
With the Chancellor about to unveil the latest round of government spending cuts, a leading business group has reiterated its call for the Government to boost investment in infrastructure and protect economic growth.
The Confederation of British Industry (CBI) has urged George Osborne to ‘bridge the infrastructure investment gap’ and kick-start flagship building projects over the coming years.
‘The Chancellor must prioritise in the core areas that could propel a fledgling recovery and infrastructure investment should be in pole position,’ said CBI Director-General, John Cridland.
He continued, ‘We need quick and decisive action on the big decisions that will move projects from blueprints to building. The Government must bridge the investment gap making sure infrastructure spending is a priority in the years ahead.’
In its submission to the Chancellor, the CBI also called for an extension of the UK guarantee schemes beyond 2014, together with a new skills tax credit to invest in the future workforce.
George Osborne is expected to outline £11.5bn in government cuts when he delivers the Spending Review to the House of Commons later today.
While budgets for the NHS, schools and overseas aid will be ring-fenced, most other government departments will have to bear spending cuts of between 8% and 10% in 2015-16.
Further information on the Spending Review can be found on the Treasury’s website.