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'Confident' start to 2014, says IOD chief

Robert Lloyd Griffiths, regional director of the Institute of Directors in Wales, told ITV News businesses are more "confident and relaxed" going into the new year.

He said there are always challenges ahead, but Welsh business overcame "a number of knocks" in 2013 and he's confident it will overcome any obstacles in 2014.

Chancellor 'must hold his nerve'

Ahead of the Chancellor's Autumn Statement this afternoon the Institute of Directors in Wales has issued an overriding message that he must stick to his fiscal targets, whilst ensuring the transport and energy infrastructure and tax system provide a firm basis for economic recovery.

George Osborne is in a difficult position. The global economy has been much rockier over the last two years than most expected; growth has been weaker and public borrowing higher than we hoped.

Some would like The Chancellor to abandon his targets and embrace bigger deficits, but he must hold his nerve. It's only through controlling public debt that Britain will retain the confidence of the markets and create strong foundations for recovery.

– Robert Lloyd Griffiths, director of the IoD in Wales