Autumn statement fails to send signal for business to invest

Darrell Matthews

Action on skills disguises absence of measures to address rising business energy costs, especially for energy intensives

Commenting on the Autumn Statement, Darrell Matthews, North West Region Director at EEF, the manufacturers’ organisation, said: “The Chancellor was right to stress the risks to recovery but did too little to support the investment that would secure it.

“While the Autumn Statement contained some useful measures on apprenticeships, skills and business rates, it failed to send a clear signal to industry that now is the right time to invest and create new jobs. In particular, it failed to address the growing threat to investment from energy prices that are squeezing margins and racing ahead of our competitors.”

Commenting specifically on the absence of a further support package for energy intensive companies, Darrell Matthews, added: “Industry, especially energy intensive users, will be dismayed that government has failed to address the genuine concerns surrounding the uncompetitive price of energy for UK manufacturers.

“Companies looking to invest and create jobs in the UK need a long-term commitment by government to control costs increases and compensate those most affected. Without this commitment, making the case in global boardrooms to invest in the UK will get increasingly difficult.”