Ahead of the Chancellor’s Mansion House speech on Tuesday, the British Chambers of Commerce (BCC) is urging Rachel Reeves to carry out further reforms to unlock business investment.
The BCC’s latest research, involving over 4,500 firms, shows business confidence remains weak and investment levels low.
However, a separate BCC analysis, carried out in May, found 56% of firms believe there is untapped growth potential in the UK economy.
Shevaun Haviland, Director General of the British Chambers of Commerce said, “Businesses large and small, across the UK, will be listening hard to the Chancellor’s speech – to see if it can truly spark much needed investment reform.
“For too long investment has been the Achilles heel of our economy. As we set out in our Blueprint for Growth report, we want to see full implementation of the Mansion House Accord, consolidation of pension default funds, and greater investment in illiquid assets to support regional growth.
“Tomorrow night is an opportunity for the Chancellor to signal support for these ideas.
“A British Growth ISA to channel more investment into UK firms would also be a welcome start. Getting more of the public to invest and back British business is long overdue.
“Businesses are having to navigate too many barriers to growth. Reforms to create a streamlined yet robust regulatory framework are essential.
“We’re urging the Government to create a landscape that supports innovation and competitiveness across sectors and across the UK. Regulation that encourages responsible risk taking is a powerful enabler of economic growth.”
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