Innovative tax breaks should be provided by the Government to help West Midland firms invest for the future, says a leading management group.
Figures published by the Chartered Management Institute show that 82 per cent of managers in the region think the Government should introduce new tax concessions for safeguarding the skills of their workforce.
Managers are clear that ongoing skills development will be key for Britain’s economic recovery, but are no longer able to support it without more state help, says the CMI.
Lord John Eatwell, chief economist at the Chartered Management Institute, said: “The positive, ‘can do’ approach of British managers should be cherished. Our research shows that despite the financial gloom, managers’ long-term outlook remains optimistic.
“Business managers are convinced that a skilled workforce will be an integral part of the recovery process, and are recommending that, especially in these difficult times, Government should provide further financial support for skills development and training.
“This would be an investment in a competitive future, and should be a priority for the recovery programme embodied in today’s Budget.”
Ruth Spellman, Chief Executive of the Chartered Management Institute, added: “The Government needs to take decisive action to “invest in recovery” in the Chancellor’s Budget.
“The CMI Economic Outlook survey shows that managers strongly favour tax breaks as a vehicle to stimulate investment and recovery and whilst the CMI supports other measures such as deferred tax payments and increases in capital allowances, we know that skills will be a critical constraint as soon as the economy picks up. Action is needed now.”