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Rishi Sunak must face up to the big decision on the economy as the UK lags behind competitors, according to the CBI. Tory MPs are pushing for tax cuts in the March budget after the taxation burden hit its highest rate since the Second World War.<\/p>\n
CBI director general Tony Danker believes the Prime Minister is \u201cright to resist\u201d calls for mass tax cuts but will say that means tough decisions must be taken to boost the economy.<\/p>\n
In a speech, he will say: \u201cThe current CBI forecast is that the PM should comfortably hit his pledge of getting the economy growing by the end of the year by 0.1 percent. \u201cBut my argument is that if our policies today aim for 0.1 percent growth, it\u2019s the most we\u2019ll ever achieve.\u201d<\/p>\n
Mr Danker will warn the UK is becoming less competitive while international competitors in Europe, Asia and the US are \u201cgoing hell for leather\u201d on green growth.<\/p>\n
\u201cWe are behind them now and seem to be hoping for the best,\u201d he will add.<\/p>\n
Mr Danker will warn that the spring budget on March 15 will be crucial in turning around the economy but there are fears the Government could \u201cshy away from the hard decisions that can reverse the UK\u2019s trajectory with a General Election on the horizon\u201d.<\/p>\n
The CBI chief will call for the government to focus on green growth as one of the major economic opportunities for the coming years.<\/p>\n
Mr Danker will say the government\u2019s labour market strategy must be the \u201cboldest in the world\u201d to cope with the mass staff shortages across the country.<\/p>\n
He will say there are real opportunities for the UK to regulate markets more smartly than the European Union now Britain has left, but warned against rushing to ditch all Brussels-made regulations too quickly.<\/p>\n
Mr Danker will also urge the government to renew the \u201csuper-deduction\u201d system that incentivises businesses to invest in equipment.<\/p>\n
He will say he is a \u201cBritish boomster\u201d but he will argue immediate action is needed to secure growth.<\/p>\n
\u201cDenial of where our economy is right now compared to our international competitors is the surest way to leave the UK\u2019s growth prospects faltering this decade,\u201d he will say.<\/p>\n
Mr Danker will add: \u201cGrowth still matters. This is people\u2019s livelihoods and life opportunities. The PM set out less than a year ago what is needed to transform our economy. The ideas are there. Let\u2019s stop second-guessing ourselves and get on because there is money on the table to capture right now.\u201d<\/p>\n