The British Chambers of Commerce has called upon the Government to soften the Brexit blow by investing in broadband, housing and reform of business rates, ISP Review reported on Monday. Now would be the best time to do so, it was said, because of the low interest rates.
“The Autumn Statement gives the Government a great chance to set the tone for its relationship with British business, by pulling out all the stops to support investment, infrastructure improvements, and business confidence,” said Adam Marshall, BCC Director General.
The first Autumn Statement by the new Chancellor of the Exchequer, Philip Hammond, is due November 23 this year.
“The Chancellor made the right move when he signalled his willingness to use historically-low interest rates to invest prudently to support growth, and he has a golden opportunity now to use this fiscal flexibility to ‘crowd in’ business investment,” he said.
“Plans to lower business costs and support investment would help firms take risks and seize opportunities in spite of the ongoing uncertainty surrounding the Brexit process. Westminster must do everything in its gift to improve the business environment, and firms will repay that backing with investment, hiring, training and export growth.”
ISP Review says, although no ‘concrete’ information is available, that the scenario in which the Government fleshes out their Broadband Investment Fund is quite plausible.
“Pushing something like the BIF would also make sense given the current approach and timing of Ofcom’s Strategic Review, which is seeking to make it easier for rival operators to harness Openreach’s national network of cable ducts and poles,” ISP Review writes.
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