Unleashing business investment part of the productivity puzzle’s solution

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Date: 15 March 2023

London, 15 March 2023: this afternoon, the Chancellor of the Exchequer, Jeremy Hunt MP, delivered his Spring Budget in the House of Commons, explaining how he plans to boost the UK’s economic growth.

Anthony Impey MBE, CEO of Be the Business, an organisation that champions small business productivity, said in response:

“The Chancellor was right to pinpoint the UK’s longstanding productivity issues as a blocker to building Europe’s most dynamic economy.

“It is imperative that we crack the code on the UK’s languishing productivity, which is why I welcome the Chancellor’s measures to increase business investment.

“Business leaders regularly point to time constraints and cost as key reasons for delaying investment decisions. Today’s announcement of 100 per cent expensing for the next three years simplifies claims and makes these decisions easier for business leaders. This is a positive step which will encourage more businesses to invest in equipment that drives improvements in firm-level productivity.

“Similarly, the twelve new investment zones represent a fantastic opportunity to create productivity hotspots in every part of the country. With the right implementation, they can serve as focal points for ambitious businesses to come together and learn from each other to drive performance, competitiveness and productivity.”