MANUFACTURERS’ body the EEF says the Chancellor’s Autumn Statement next week must help businesses to deliver economic growth.
The EEF, formerly known as the Engineering Employers’ Federation, has produced a wish list of measures it believes the Government should take to help the economy to grow. They include “increasing competition in SME banking”, increasing investment in infrastructure and cutting regulation.
The EEF’s North West regional director, David Ost, said: “Despite a better third quarter, our economy has shown no growth in the past year and business investment remains 15% below its pre-recession peak.
“There’s little that the government can do about the world economy but there’s a lot it can do at home.
“In recent months, the government has been more vocal about the need for growth and the importance of speeding up delivery. The Autumn Statement now needs to match these good intentions by providing some clarity on how this will happen.
“It should start by being clear on its ambitions for the economy in a way that will drive action across Whitehall and send a clear signal to business about its intentions. We have seen how the £1 trillion export target is stimulating action across government but we now must see the same urgency and clarity of purpose on all the issues that relate to growth.
“Raising investment, in both the public and private sector is also critical to growth. The Autumn Statement should set out a short and medium term shift in spending towards infrastructure projects and take action to ensure that companies that are looking to invest have the right support from our tax system and our banking sector.”