Tory proposals 'miss the mark': CBI

Commenting on the proposals, Steve Radley (pictured), chief economist at the manufacturers’ organisation EEF, said: "At a time when we are facing a wave of job losses, proposals focused on helping people back into work are missing the mark. The number one issue for companies right now is the need to maintain cashflow. Whilst the proposal to bring down the small company rate of corporation tax is helpful, funding this by removing support for investment is a further squeeze on cashflow. Given the speed of change we are witnessing we need far bolder measures which provide a real fiscal stimulus to the economy." Meanwhile, at the CBI, deputy director general John Cridland was more welcoming of the extra jobs proposal. He said: “We know small and medium-sized manufacturers are cutting jobs for the first time during this crisis. While firms have to do what is right for their businesses in these challenging times, these imaginative proposals would help some small businesses keep people in work.”