CBI backs Chancellor's credit pledge

The chancellor's pledge at the Conservative Party Conference in Manchester could pay dividends said CBI chief John Cridland. Cridland, CBI director-general, said: "Small firms need credit and, with the continuing Eurozone crisis, banks can only do so much, so the proposal for credit easing to get money directly into the hands of smaller businesses could be just what the economy need…. But these are uncharted waters and these proposals need to be fully worked up as quickly as possible." Osborne's proposals to double the qualifying period for employees to seek unfair dismissal tribunals to two years also won support from the business association. Cridland added: "Small firms are sometimes put off taking on an extra employee because of the fear of ending up in front of an employment tribunal. Doubling the period for unfair dismissal rights and introducing a tribunal fee to prevent vexatious claims will give firms more confidence to hire. Manufacturers could also be encouraged by the Chancellor's pledge not to raise emission cutting targets ahead of EU rivals. He concluded: "For businesses, one of the challenges to growth is rising energy costs, so manufacturers will be encouraged by the Chancellor's commitment that cutting emissions will be no faster than our European competitors."