Responding to today’s speech by the Chancellor of the Exchequer, IoD Chief Economist Anna Leach, said:

“We had a strong statement from the Chancellor today. Business leaders will welcome that commitment to stability being restated, given how important that is for business planning. The updated mandate for the Office for Budget Responsibility creates a clearer and more transparent governance structure for spending decisions, which is also welcome. We know that businesses thrive when they can plan and invest for the longer-term.

“It was clearly disappointing to see the cancellation of a number of significant infrastructure projects. Our own research shows that investment in the road network should be the main infrastructure priority for government. We note that the government has announced the launch of the National Infrastructure and Service Transformation Authority today, and look forward to hearing more detail on the remit of the authority and the 10 year infrastructure strategy.

“Several reviews have been kicked off today, including the spending review process, and we’ve now got a date for the Autumn Budget. We look forward to working with the government in the coming weeks and months to deliver the sustainable growth that is urgently needed.”