Burnham must avoid ‘summer of speculation’ on tax, warns CBI chief
Summary
The chief executive of the Confederation of British Industry (CBI), Rain Newton-Smith, advised Andy Burnham, the new Labour leader, to avoid uncertain talks about tax and spending that could alarm businesses. She encouraged careful, steady decisions on fiscal plans and warned against costly ideas like renationalising utilities.Key Facts
- Andy Burnham is set to become the Labour party leader with a new cabinet soon.
- Rain Newton-Smith said speculation about tax increases or spending cuts creates uncertainty that worries businesses.
- She advised the new chancellor to take time to listen to business concerns before making decisions.
- Newton-Smith supports gradual changes instead of major shocks to the economy.
- She warned that renationalising utilities is expensive and might hurt ordinary people.
- Public-private partnerships were recommended to fund important projects like housing and energy-efficient buildings.
- British businesses face high energy costs; electricity prices are 45% above the average of major countries (G7).
- Newton-Smith suggested moving energy transition costs off business bills to taxpayers or private funding.
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