CBI’s “Vision for rebalancing” report – response from Chuka Umunna
Commenting on the CBI’s “Vision for rebalancing” report published today, Labour’s Shadow Business Secretary Chuka Umunna MP said:
“The CBI is correct to say that we must rebalance our economy which has become too concentrated in too few sectors, and in too few regions of the economy over the last 40 years under different governments.
“Government must use all the levers at its disposal to build a new economy and encourage businesses to invest for the long term so we can exploit the new high growth economies the CBI refers. But instead of providing the leadership and certainty needed to give companies the confidence to invest – the Tory led government has deterred investment by, for example, cutting investment allowances on capital expenditure over £25,000 and wrecking future success in our green industries with their disastrous changes to feed in tariffs.
“The CBI higlights the importance of infrastructure investment which is why we had been saying for months that the government should implement Labour’s five point plan for growth and jobs to kick start the recovery which includes bringing forward long-term investment projects.
“A new economy requires an active government working in partnership with British business to meet the aspirations of the British people – actions speak louder than words and by failing to provide leadership and to promote the certainty businesses need to invest, this out of touch government is failing to meet the challenges facing businesses and the UK economy.”
