IoD Say Action Is Needed To Boost Confidence

23 August 2012 15:30 - Which Way to Pay

    



IoD Say Action Is Needed To Boost Confidence

The Institute of Directors has said that further government action is needed to restore confidence in the UK economy. The business group said two-thirds of the 1,200 members saw little or no chance of the UK managing to get out of recession this year. The IoD said its members wanted the coalition to up the ante to boost confidence though changes such as simplifying taxes. However, they did say that the majority of its members accepted the government’s deficit reduction programme.

The survey also showed that just under half of its members has postponed investment or employment decisions this year because of concerns surrounding the economic outlook. Graeme Leach, the IoD’s chief economist said, “Business is battening down the hatched in the expectation that recession will continue for the rest of the year.”

Many have attacked the government’s austerity drive which aims to reduce the budget deficit as the UK economy is currently in recessions after contracting consecutively in the last three quarters. However, Mr Leach said the coalition has little choice but to cut spending. He said, “Members are saying the government has got to do a lot more on the supply side – they support demand side measures in the terms of the deficit reduction plan.” He added, “It’s about building confidence about the long-term prospects for the UK economy that our members are most about.” For example, he said the government could simplify the tax system and employment law, and reduce the “regulatory burden.” Mr Leach argues that these would change business confidence.

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Related Links :
Institue of Directors - New IoD Polling
Economic Calendar - Scheduled Economic Events

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