17:20 GMT03 December 2020
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    Britain Says 'Cheerio' to EU (463)

    The UK Confederation of British Industry lobby group urged Chancellor of the Exchequer to set out a more ambitious pro-enterprise agenda.

    MOSCOW (Sputnik) — The UK main business lobby group CBI urged Chancellor of the Exchequer Philip Hammond on Thursday to set out a more ambitious pro-enterprise agenda when he delivers the Autumn Statement on November 23.

    "The Chancellor should lay foundations allowing firms to navigate a more uncertain economic outlook, invest for the future and get all regions firing on all cylinders," the CBI wrote in a statement.

    The lobbyist group, which bills itself as UK firms’ voice in talks with policymakers, said the government should stimulate confidence and investment as Britain prepares to initiate EU divorce process.

    In this photo provided by the Libyan Government of National Accord, Libyan prime minister-designate Fayez Serraj , right and British Foreign Secretary Philip Hammond shake hands for photographers in Tripoli, Libya, Monday, April 18, 2016.
    © AP Photo / Libyan Government of National Accord
    The CBI proposed to increase public spending to 2 percent of the gross domestic product from the predicted 1.7 percent in order to add an annual 6 billion pounds ($7.3 billion) to public investment.

    "With interest rates at rock bottom, now is the time for the UK to put serious effort into improving our creaking infrastructure. We would like to see £6 billion more spent each year on public investment," CBI chief Carolyn Fairbairn said.

    Fairbairn also suggested enhancing research and development credits by 50 percent to embolden firms that research new products in the country to maintain its leading role on global business innovation.

    The CBI stressed that, although the UK economy had showed resilience in the months following the June 23 referendum to quit the European Union, economic uncertainty continued to weigh on business confidence.

    Britain Says 'Cheerio' to EU (463)


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