Budget Statement Spring 2017

Nicola Crawford, CFIRM, IRM Chair and Managing Director, i-Risk Europe Ltd said:

“It is encouraging that the Government  will use additional funds garnered from changes to state and contributory pensions to help pay for a £300m fund which will be allocated to local authorities for discretionary handouts to companies hit hardest by the rise in business rates.

There is still an air of uncertainty with Brexit, world politics as well as fuel prices and other micro and macroeconomic factors. It will be interesting to hear more detail around protecting UK Plc.

I am encouraged to learn about the Chancellors commitment to education - skills shortages need to be tackled before school leavers reach employment, highlighting the importance of further education through professional examinations in specialist fields such as risk management.

Businesses rely on a solid skills base to profit and trade effectively in crowded marketplaces.

The Chancellor used International Women’s Day to highlight that a higher proportion of women are employed than ever before and announce a £5m fund for women’s equality projects. This is timely as the Institute of Risk Management announced the launch of its Women in Risk group today.

The Office for Budget Responsibility upgraded growth for this year to 2%, from 1.8% last year but said it would be downgraded in each of the next three years.