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ACE has called on the Chancellor of the Exchequer to use his Budget to boost growth with a clear, cohesive and innovative plan to encourage private sector investment in infrastructure.
There is growing evidence that investment in the UK’s infrastructure can help to secure long term growth and jobs. ACE is keen to see a commitment to this avenue for growth. This would help to provide industry with the certainty and confidence to invest and to hire and train the technical staff that can take the UK forward.
Nelson Ogunshakin OBE, ACE chief executive, said: “Industry is keen to strengthen the UK economy and generate the jobs that so many talented young people need. To do that while addressing the deficit means that private investors need certainty and support. Spatial planning, regulatory reform and a clear and cohesive plan for encouraging investment in infrastructure can help to make that happen.”
ACE’s submission, entitled “Back to business, back to growth”, proposes simplification of the tax system for SMEs so that they can more readily play their part in revitalising the UK’s economic activity. The submission also suggests reforms to public spending through more efficient procurement methods.
Nelson Ogunshakin said: “The role of SMEs in employment and economic growth must not be forgotten at any level. Efforts should be made to free their time to do the work they do best. This can be done by simplifying the tax systems to reduce their impact on SMEs, and by refining procurement to ensure it is always as open and efficient as possible.”
ACE’s nine key recommendations:
- Support infrastructure investment and construction as a means of driving economic growth;
- Set out clear, cohesive plans for encouraging private sector investment in infrastructure, particularly through innovative mechanisms;
- Taxation in the SME sector: simplify taxation policy for SMEs to encourage economic activity;
- Reform public spending through efficiencies in procurement processes;
- Spatial planning will be key to delivering growth and efficient infrastructure;
- Ensure higher education resources are prioritised to support those industries that are vital for economic growth;
- Address the deficit in a balanced way that gives confidence to industry and investors;
- Address market and regulatory issues to facilitate the delivery of new energy generation capacity; and
- Reform the water industry regulatory cycle to reward innovation and long term Investment.
-ENDS-
For press information please contact Gavin Pearson on 020 7202 0255 – gpearson@acenet.co.uk
Notes to editors
To read ACE’s budget submission Back to business, back to growth click here.
Pictures available on request.
ACE represents the UK’s consultancy and engineering industry. Its 600 member companies collectively employ more than 100,000 people and contribute approximately £7 billion to the UK economy annually.
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