Economics
U.K. Must Spend More on Investment and Infrastructure, CBI Says
- Hammond’s Autumn Statement has rarely been more important
- Monetary policy is overburdened according to BOE’s Carney
CBI Urges U.K. Government to Spend Big on Investment
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U.K. businesses are demanding action from Chancellor of the Exchequer Philip Hammond to boost productivity and stimulate confidence to counteract the uncertainty caused by Brexit.
The government should boost annual public investment by 6 billion pounds ($7.3 billion) to 2 percent of gross domestic product, the Confederation of British Industry said Thursday in a set of recommendations for Hammond’s mini-budget, known as the Autumn statement, net month. It urged him to move forward with 425 billion pounds worth of proposed rail and road infrastructure projects to boost productivity in outlying regions.