Chancellor urged to 'unleash green markets to deliver prosperity'

05 Oct 2023

The Confederation of British Industry (CBI) has urged Chancellor Jeremy Hunt to use the 2023 Autumn Statement on 22 November to 'unleash green markets' in order to provide long-term prosperity to the UK economy.

In its Autumn Statement submission to the Chancellor, the CBI called for the government to bolster sustainable growth policies; double down on green markets as an opportunity to unlock growth; and secure greater business investment to boost productivity growth.

The business group said that the Chancellor should prioritise measures to boost investment in areas that will drive sustainable growth in order to aid businesses with their investment plans at a time when they are dealing with higher costs, labour shortages and high interest rates.

Commenting on the CBI's submission, Rain Newton Smith, Director General of the CBI, said: 'The Spring Budget provided strong foundations for stability and growth and set the right tone in challenging economic circumstances. While progress has been made, weak GDP and productivity growth is still selling the UK short.

'Meeting our sustainable growth ambitions means not only ramping up FDI but getting businesses at home investing again at scale. We also can't afford to be seen to retreat from high value green markets.

'We're confident that the three-point plan we have laid out ahead of the Autumn Statement can get the UK back on the front foot in the quest for long-term sustainable growth, as well as providing the low-cost, high impact tools needed to deliver lasting prosperity and resilience.'