Chancellor's Autumn Statement is "a missed opportunity."

29th November 2011

Peter Young, Chairman of the Aldersgate Group has described the Chancellor's Autumn Statement as "a missed opportunity". He said:

"The Chancellor blames the rise of energy and commodity prices for damaging growth, but has not done enough to ensure the economy is more resilient to these threats. He is also wrong to claim that environmental regulation is a burden and cost on British business; it is a fundamental driver for growth of tomorrow's businesses and our future global competitiveness. Green policy should have been at the heart of the growth strategy, reducing our dependence on increasingly volatile global resource markets, stimulating investment and creating jobs."

The Autumn Statement revised projections for the UK's economy downwards in line with the Office for Budget Responsibility (OBR)'s projections and acknowledged that it will not be possible to eradicate the UK's structural deficit by the end of this Parliament.