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Bank of England highlights uncertainty and pressure on business - Umunna
19 October 2011
Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on the Bank of England Agents' summary for October, which show falling business confidence is leading to firms scaling back investment, said:
“By cutting spending and raising taxes too far too fast, the Tory-led Government’s approach is hitting business confidence, holding back growth and getting our economy into a vicious circle, which will make it harder to get the deficit down. It is clear that many businesses are now cancelling or postponing investment as a result.
“It is deeply worrying that small businesses are being put off from applying for finance because of fear that existing facilities will become more expensive or be withdrawn. Ministers need to act urgently to get our banks lending to small businesses and offering finance on acceptable terms.
“We are looking to the private sector to create the jobs and growth we need, but with the economy flatlining and confidence falling, businesses who are trying to grow are hindered at every turn. The Government needs to adopt a credible plan for growth, putting confidence back in the economy and enabling business to unlock capital and invest.
“Labour has set out a clear five point plan to create jobs, help struggling families and support small business – this includes a one year national insurance tax break for every small firm which takes on extra workers – helping small businesses to grow and create jobs.”
