IoD outlines key policy changes in Budget submission

13 Sep 2024

In a letter to Chancellor Rachel Reeves, the Institute of Directors (IoD) has outlined its key policy changes for the upcoming Autumn Budget.

The business group has set out key recommendations for the government in five key areas:

• Fiscal rules that protect investment spending.
• A business tax roadmap that supports business confidence and planning.
• Improving the UK's labour market to address skill and labour shortages.
• Improve the UK's trade performance.
• Support SMEs in the transition to net-zero.

Jonathan Geldart, Director General of the IoD, said: 'The most important priority for the UK and for this Budget is to deliver a clear message and framework for increasing the UK's potential growth. This is the key to delivering a higher standard of living for all.

'The weakness in the UK economy is perhaps unsurprising given the cluster of shocks from recent years. But this unfortunately leaves us with public spending and taxation at post-war highs as a percentage of GDP.

'A combination of fiscal rules which accommodate borrowing for the purposes of investment, reforms to the government's fiscal strategy, a tax roadmap and an industrial strategy, will help deliver that long-term certainty that can draw in vital investment.'