IoD responds to Autumn Statement

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Philip Hammond giving his autumn statement in the House of Commons

The IoD’s director general, Simon Walker, has responded to chancellor Philip Hammond’s Autumn Statement

Responding to the Autumn Statement, Simon Walker, director general of the Institute of Directors, said: “This was a sensible and sober autumn statement. The chancellor’s attempts to increase productivity by investing in transport infrastructure, broadband and housing are welcome, but businesses would also have liked to have seen measures to encourage them to invest now. The OBR predicts that next year will be the low point for growth, so we are surprised that amidst all of the political and economic uncertainty there weren’t many measures to help ‘just managing’ businesses now.

“The government will be borrowing heavily over the next few years, so it’s a shame that they couldn’t use more of the fiscal headroom to encourage investment through measures such as raising the annual investment allowance, which could deliver productivity increases sooner.

“We weren’t expecting anything flashy today, and we didn’t get it, but that’s not necessarily a bad thing from the man in charge of the economy. Our members will welcome the fact that there will only be one Budget a year in future, as too much tinkering only makes the tax system more complex.”

Read more from Simon Walker

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Director is the magazine for business leaders. Free to IoD members and available to purchase through subscription, each edition is full of insightful interviews with entrepreneurs and company directors.

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