Update from Steve Park
It was interesting to hear the reaction from business representatives to the Chancellors’ Autumn Statement announced a few weeks ago.
The Confederation of British Industry (CBI) welcomed the spending on infrastructure, the increased housebuilding and support for energy-intensive sectors including advanced manufacturing. The CBI did however feel there was a ‘sting in the tail’, despite continued work on deficit reduction, and industrial strategy and an emphasis on nurturing a vibrant business community, the size and scope of the Apprenticeship Levy caused concern. This concern being echoed by the Institute of Directors (IoD), who described the new levy as “.. a new payroll tax”. At 0.5% of payroll, the IoD claim it will be a big new cost for many companies including medium-sized ones.