Business organisation the CBI “warmly welcomed” Chancellor Philip Hammond’s commitments to boost research and development, housing and infrastructure. But it said these must be acted on.
Director-general Carolyn Fairbairn, pictured below, said: “The Chancellor has prioritised a pragmatic down payment on future productivity growth. 
“His emphasis on R&D, housing and local infrastructure will help businesses in all corners of the UK to invest with greater confidence for the long-term, during turbulent times. This will be warmly welcomed.
“These measures must now be translated into action. That means tarmac, tracks and telecoms being laid, and clear, deliverable timetables for major projects – only then will they act as a catalyst for investment, jobs and growth.
“Reducing the frequency of fiscal events along with the commitment to stick with the tax roadmap will provide stability for businesses. Importantly, the new fiscal rules provide the government with welcome flexibility, while remaining prudent, in uncertain times.
“The government is right to accept the independent Low Pay Commission recommendations, as firms want to see affordable rises in the minimum wage that protects the low paid and avoids damaging job prospects.
“The Chancellor should keep a watching brief on the challenges created by higher inflation and uncertainty weighing on near-term business investment.”
Institute of Directors director-general Simon Walker, pictured left, described it as “a sensible and sober Autumn Statement”.
He said: “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 (Office for Budget Responsibility) 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.” 
Clare Francis, pictured right, savings and investments director at Barclays, said the statement included “lots of positive signs” that the government was committed to helping families make the most of their hard-earned cash and still save.
“We are encouraged by the launch of the new NS&I savings bond, which is expected to benefit 2m savers,” she said.
“However, with wages unlikely to keep pace with inflation, implementing and then sticking to savings goals may still prove challenging for some.
“Key to this is educating consumers about the wide range of savings vehicles available, helping them to identify the best options in this low interest rate environment. Other such options include ISAs, fixed rate bonds, investments, paying down existing debts or switching to an offset mortgage.”
