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Rishi Sunak has been warned that the measures outlined in his Autumn Statement bring a “significant risk” of a drop in consumer confidence. Meanwhile, economist Dr Linda Yueh urged Mr Sunak to introduce a “growth strategy” before next Spring. This comes in the wake of the last week’s Autumn Statement, which saw the Chancellor unveil a £55billion package of tax rises and spending cuts.
Speaking about the plan, the economist told the Treasury Committee: “A lot of it was around stability.
“But in the next go, it would be every helpful to have a focus on how to invest to grow – what kind of growth are we looking at? And the way in which taxes, in particular, are geared at supporting that.”
She added: “Every fiscal decision around taxes has an impact on how firms will invest.
“The most important thing I think that economists have come to focus on in terms of the UK is growth.
“The investment piece is key to that. The other piece is labour productivity and the inactivity rate and investing in human capital.
“The spring is not that far away. It would be helpful, by the spring budget, to have a growth strategy.
“It would pull all these bits together and show that we are going to generate growth.”
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