Engineering employers are calling on Chancellor of the Exchequer George Osborne to launch a programme of reforms to boost business growth, tackle the deteriorating economic outlook and plummeting confidence.
The manufacturers’ organisation, the EEF, wants the Chancellor to introduce the reforms when he makes his autumn statement at the end of the month.
EEF regional director, Andy Tuscher, said: “The Government must get its growth review back on track. Manufacturers are looking to invest but they need to see government take the right decisions on issues such as boosting competition in the banking sector, reducing employment regulation and addressing the cost of fighting climate change.
“They also need to hear how government plans to transform the business environment by the end of this Parliament.
“Timely and targeted measures are required now to boost investment and growth. Last year, the biggest threat to growth came from our fiscal deficit. Today the biggest threat to reducing that deficit comes from weak growth. Failure to act now will only make the future challenges even bigger and risks undermining our hard-won fiscal credibility.”
The EEF says the Chancellor should immediately introduce 100 per cent first year capital allowances for investment, reforms of the system of tax credits to boost investment and create high value jobs and the extension of the Business Growth Fund.