Osborne Has ‘No Time to Lose’ to Spur U.K. Economy, CBI Says

Feb. 22 (Bloomberg) -- The Confederation of British Industry urged Chancellor of the Exchequer George Osborne to make life easier for companies so that they can generate growth and employment.

Osborne should use his March 21 budget to act on proposals outlined in November including tax breaks to stimulate infrastructure projects and measures to increase credit to small companies, the CBI, Britain’s largest employers’ group, said in a submission published today. Environmental taxes must not hurt growth, it said.

“With our economy firmly under the international spotlight, there is no time to lose,” Director General John Cridland said in a statement. “We’re calling on the government to make some targeted changes to the U.K. tax system, which could make an impact on business decisions and create new opportunities for growth.”

The CBI backs Osborne’s program to reduce the budget deficit and says the chancellor must ensure that taxes on British companies are low by international standards.

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net