Business leaders blast Sunak’s Spring Statement

The chancellor’s Spring Statement was a “missed opportunity” to rebuild the economy, business leaders have said. The chancellor ignored pleas for immediate tax cuts and energy grants to help offset rising inflation. A promise of longer-term reforms to business taxation to incentivise investment next year was welcomed, but was said to be planned too late to address Britain’s growth challenges. Shevaun Haviland, director-general of the British Chambers of Commerce, which represents thousands of businesses, said the statement was “a missed opportunity to rebuild and renew the economy and ensure business has the resilience to weather the uncertain and volatile times ahead”. Tony Danker, director-general of the CBI, said: “We cannot wait until October to get growth going. The government needs to get moving straight away. We need concrete plans now.” Stephen Phipson, chief executive of manufacturers group Make UK, said it was a case of “jam tomorrow”, while John Dickie, chief executive of lobby group London First, described the statement as “sticking-plaster measures that will do little to stem the pain” of rising costs. The Times (£) The FT (£) Photo by Alastair Grant/AP/Shutterstock