Chancellor Jeremy Hunt has been urged to take ‘bold decisions’ that can unlock growth ‘without breaking the bank’.
The British Chambers of Commerce (BCC) said planning reform to speed up infrastructure projects and an upgraded energy grid could help unleash billions of pounds of investment.
In a submission ahead of Hunt’s autumn statement next month, the BCC also called for an extension of the ‘full expensing’ tax break – which rewards companies for spending on assets such as machinery – as well as a freeze on business rates.
The Chancellor has already warned that he will have to take ‘difficult decisions’ and squashed the idea of tax cuts.
BCC director general Shevaun Haviland said: ‘We think there are some options open to him.
Under pressure: Jeremy Hunt has already warned that he will have to take ‘difficult decisions’ and squashed the idea of tax cuts
‘Businesses have told us they have billions of pounds in private investment waiting to be pumped into the UK economy, but our creaking planning system and overloaded grid are holding that back.
‘It’s vital we unlock this money and take steps to put British business in the best place possible.’
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