ICAEW.com works better with JavaScript enabled.

Chancellor's spending spree doesn't disguise the UK's fiscal challenges says ICAEW

Wednesday 22 November 2017, Giving immediate reaction to the Chancellor’s Budget, Michael Izza, ICAEW Chief Executive, said:

“The Autumn Budget has brought home the fiscal and economic challenges facing the UK. Our debts continue to grow and eliminating the deficit is rapidly becoming a five parliament problem and a millstone for future generations.

“Turning round the slowdown in the UK economy has to be the immediate priority. This will require new, creative approaches to improving productivity which despite all the efforts remains stubbornly low. Businesses need to match Government investment in skills and new technology if the UK economy is to recover its momentum.

“The Chancellor resisted the temptation to introduce even greater complexity to the tax system, especially for small businesses. But once again, he missed the opportunity to start the long overdue job of simplifying it. The current tax code is bloated and complicated. It remains a regulatory burden for business that undermines confidence, quashes entrepreneurialism, and inhibits growth. But it is also becoming out-dated, if not obsolete.”

Further information can be found at www.icaew.com/budget

Media enquiries

Please direct all media inquiries related to this article to:

Caroline Florence - ICAEW press office
Tel: +44 (0) 207 920 8564
Email: Caroline.florence@icaew.com