THE government should introduce “growth zones” to parts of the country that have become overly reliant on government funds in recent years, the Confederation for British Industry (CBI) said today.
The group, which represents 240,000 businesses, called for de-regulation of some green belt areas, and land auctions in single areas, to stimulate growth. It said industrial parks should have autonomy over decisions such as planning permission and energy generation.
In a letter to George Osborne before the chancellor’s budget on 23 March, the CBI said the government needs to provide a clear “road map” for reducing the 50p top rate of income tax.
“Mobile talent needs a good reason to do business in the UK,” CBI head John Cridland said.
The CBI wants more credit made available for mid-cap sized firms.
“The volumes of debt raised in the listed and private placement market by mid cap firms is far smaller in the UK than in the US,” it said.
“The budget should create the framework for a Mittelstand of mid-cap businesses by ensuring they can access the capital they need to expand at home and abroad,” Cridland argued.