‘Ministers must act now’
THE president of the Confederation Of British Industry (CBI) Lord Karan Bilimoria said the government must act on the cost-ofliving crisis and help firms invest during these uncertain times.
In view of a negative growth in March and forecasts of a weak outlook for the rest of 2022, the government should extend the Recovery Loan Scheme to help businesses access finance in difficult times, the British-Indian businessman said.
Addressing industry leaders and politicians at the Brewery in central London last Wednesday (18), he urged ministers to act ahead of the autumn budget to shore up ebbing confidence and investment.
According to the Cobra Beer founder, the UK’s lead in the “growth markets of the future”, like emerging green technologies, should be strengthened.
At the Lloyds Banking Group-sponsored event, he reiterated that energy prices had gone up four times in a year and the costs of materials and shipping had risen by 20 per cent.
“There is a genuine and real cost of living crisis squeezing firms, communities and people across the UK,” Bilimoria said. “I am worried that having the highest tax burden in 70 years at this time will stifle our recovery and growth.
“Businesses are doing their level best to ease the pressure wherever they can..., but firms are faced with collapse unless they cut costs and putup prices.
“We need to work together to increase confidence and keep investment flowing.
“We cannot wait until the autumn to turn the page on low growth, we need to make our play now.”