The business lobby group calls on the government to boost plans for economic growth.
Firms are not investing, prices are rising and the economy is contracting - a dire economic picture that is set to last into 2023, the UK's biggest business group has warned.
The CBI, which represents 190,000 UK businesses, said Prime Minister Rishi Sunak and Chancellor Jeremy Hunt had succeeded in stabilising the markets in the wake of Liz Truss's mini-budget. At the group's conference last month, he called on politicians to be "practical" about using immigration to solve worker shortages and boost economic growth.
Firstly, he said, the CBI expects interest rates to come down quicker than the OBR is predicting. Secondly, Mr Danker said the CBI spoke to many firms that had plans to invest but had paused them because they were worried about the current climate. But the UK also faces significant labour supply challenges due to it being more difficult for small businesses to trade with Europe or recruit workers due to Brexit, which ended freedom of movement for EU citizens coming to the UK and vice versa.
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