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£60bn needed for transport, says CBI

The next Government which comes into power must spend an extra £60bn on transport over the next decade if the UK is to compete with China, Brazil and India, says Confederation of British Industry’s director-general, Sir Digby Jones.

Jones says the winner of this year’s election needed to commit at least £300bn of public and private investment in UK transport in the next 10 years to ensure the UK was “fighting fit” to meet global challenges of globalisation. An estimated £240bn is currently marked for transport.

“Businessmen and women up and down the country feel their money paid in taxation is being wasted in the way public services are being delivered,” says Jones.

In an article in today’s Daily Express, the CBI said investment in the basic skills of 15 million adults was another vital way of fighting competitive pressure from China and India, where UK companies have already moved thousands of jobs.

“Too often in the past, Government has un-invested in key longer-term issues due to a blinkered concentration on short-term challenges. The UK economy cannot afford to repeat that mistake,” says Jones.

The CBI said a reduction in the tax burden on business should also be among the next Government’s top priorities.

Jones pointed out that 60 taxes has been brought in over the past seven years, despite politicians often boasting the UK’s low tax environment.

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