Response to Kwasi Kwarteng's Budget speech from The Chartered Management Institute

"Four out of five managers believe the UK is already in recession. The majority of businesses already have plans in place to respond to the economic downturn. They have also seen growing anxiety from staff about energy costs. So the focus on growth in today's statement is welcome - especially support for business and household energy costs.

"Risks from inflation and the UK's external position have been identified in the short-term and this will need very careful attention from both the Government and Bank of England. The long-term growth plan needs fleshing out and there was plenty to support longer term growth today including improving planning, investing in infrastructure, and support for investment in the industries of the future. Surely the plan must include investment in high level technical and management skills as part of the mix- we know that is a key ingredient for sustained growth."