Jeremy Hunt hails UK growth as he unveils autumn statement
Jeremy Hunt has missed a major Brexit opportunity in his much-vaunted Autumn Statement, one of Britain's leading experts on international trade has warned.
Marco Forgione, the Director General of the Institute of Export & International Trade (IoE&IT) has expressed disappointment that the Chancellor failed to outline a clear import strategy to help bolster the UK's export strategy.
Mr Forgione has previously told Express.co.uk that an import strategy is key to Britain's success because it creates the supply lines to help Britain produce other goods to export and create wealth.
Reacting to the Autumn Statement, he said: "The failure to define a clear plan for business growth including an import strategy, linked to the current export strategy, was a missed opportunity.
"Real growth and economic security can only be achieved through unlocking the potential of international trade in every town, city and region of the UK.”
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Marco Forgione is the Director Genera of the IoE&IT (Image: IoE&IT)
While Mr Hunt's Autumn Statement included 110 different measures to encourage economic growth, including a cut in National Insruance and the biggest ever business tax reduction, Mr Forgione was sceptical about the impact on the economy.
He said: "It is clear from the Office for Budget Responsibility (OBR) that growth is still constrained.
"Our members, and the wider business community, will be looking for much more in the spring which encourages investment and supports UK businesses, who are the backbone of UK growth."
However, Mr Forgione said there were things to like about an Autumn Statement which aimed to make work pay.
He praised the tax reliefs for businesses in the package and was delighted about the extension of tax breaks for Britain's freeports,
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Mr Forgione said: “The announcement of the extension of tax reliefs for freeports is exactly right and provides certainty for the businesses which were considering investing in them.
"Freeports now have the opportunity to take long-term decisions and play a key role in attracting more investment into the UK.
"The new investment zones, all focused around advanced manufacturing, will strengthen the UK’s position as a leading manufacturing nation. "
He also praised the 2 percent reduction in National Insurance contributions (NICs) for employees.
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He said: "The announcements on national insurance, business rates and full capital expensing are all very positive and welcomed by our members.
"We welcome the commitment that the government will work closely with businesses to improve the apprenticeship system to meet the needs of learners, employers and training providers. It is vital to make it easier for more micro, small and medium sized businesses to employ apprentices."
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