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‘Stick to Plan A, but deliver on infrastructure’, CBI tells Chancellor

The Confederation of British Industry (CBI) has urged Chancellor George Osborne to ‘stick to his guns’ on reducing the deficit, in Wednesday’s Budget.

However, the business group is calling on the Government to fully implement its promised action to stimulate UK growth and infrastructure.

The CBI recently urged the Chancellor to pledge £1.25bn to build 50,000 affordable homes, and to earmark a further £500m for refurbishing existing houses by means of tax cuts and subsidising repairs.

John Cridland, CBI director-General, said, ‘Changing course in the Budget simply risks a backlash in the financial markets, forcing up borrowing costs and snuffing out fragile growth’.

‘The businesses I speak to all say that confidence is the missing ingredient in the economy – confidence to export, to invest and to grow. They’ve heard the language of austerity from ministers for three years but have not heard the language of optimism and growth nearly loud enough’, he added.

‘The Budget is a chance for the Government to act creatively to encourage the growth we need. And what makes most sense for growth is a focus on infrastructure.’