Home Business News CBI calls on parties to end political short-termism to deliver a decade of sustainable growth

CBI calls on parties to end political short-termism to deliver a decade of sustainable growth

by LLB Finance Reporter
28th Nov 23 9:43 am

The CBI is launching its Business Manifesto – a roadmap for the next Government to deliver sustainable growth across all UK regions and nations.

While Chancellor Jeremy Hunt delivered an immediate injection of momentum into the economy with full expensing at the Autumn Statement, growth projections remain below trend.

The UK economy faces challenges on multiple fronts: sluggish productivity, underperforming business investment, and persistent labour and skills shortages. These require long-term solutions, over short-term headlines. And amid high costs and steep interest rates, business needs a positive economic vision that is honest about these issues and focused on long-term, credible investment in our future.

Drawing on insight from firms across the UK, the CBI’s Business Manifesto sets out a programme of action for how the next Government can hit the ground running.

Rain Newton Smith, CBI Chief Executive, said, “With global instability showing little signs of abating, businesses across the UK are facing a myriad of challenges ahead of the next election. The UK economy needs to shift gears from short-term shock absorption to taking the long-term decisions needed to unlock its true potential.

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“To achieve that requires bold decisions made in the national economic interest. The good news is that there is an emerging consensus uniting politicians and industry about what that looks like: the need to deliver sustainable growth that improves our prosperity and wellbeing.

“We’re calling on the next Government to show leadership through a reliable long-term strategy that boosts our competitiveness, addresses labour shortages, honours our climate commitments, prioritises innovation and renews the partnership between business and Government.

“The UK is at its best when politicians and businesses work together. Now is the time to reshape our economy together and deliver on our shared ambitions for the benefit of everyone.”

Carl Ennis, Siemens GB & Ireland CEO, “I welcome the CBI’s Business Manifesto – it builds on the Government’s recent raft of longer-term growth measures announced in the Autumn Statement. It is particularly vital that UK businesses of all sizes are encouraged through better financing and consistent policy, to invest in the people and technology they need to reduce their carbon emissions and improve productivity and energy efficiency.”

David Crichton-Miller, SQW CEO & CBI SME Council Chair, said, “It’s great to see the CBI and its members setting out such a comprehensive and rich set of proposals for growing the UK economy. This manifesto for growth puts forward a lot of targeted proposals for addressing the pressures and opportunities of businesses small as well as large.”

Karen Betts, Food and Drink Federation CEO & CBI Trade Association Council Chair, added, “An ambitious pro-growth agenda is critical for UK businesses to attract the investment they need to innovate, modernise and grow, which in turn boosts productivity and economic output. Central to this is Government creating the right policy environment and regulation to foster investment, setting out a clear roadmap to net zero and ensuring we have the skills we need for tomorrow’s economy to thrive.”

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