NEXT GOVERNMENT MUST PRIORITISE ACTION ON GROWTH

The General Election is just under three weeks away. And while businesses don’t get a vote, they are an important constituency. Last week, we saw political leaders set out their stall, presenting their party manifestos. And UK business leaders have been keeping a close eye on any suggested measures that can boost our economy. ?

Over the last five years, our economy has faced myriad challenges. That has meant spending a lot of time focusing on short-term absorption of shocks and disruption – and not enough time thinking about long-term, sustainable growth. But we are now finally starting to see encouraging signs that the UK economy is picking up steam, with consumers and firms starting to feel the benefit of lower inflation – which should increase confidence and support spending. Firms are keen to seize this moment to prioritise long-term sustainable growth. And there is no doubt that the growth in the next Parliament will need to come squarely off the back of the private sector.?

Here at the CBI, we’ve been poring over the various party’s proposals. It’s clear that delivering sustainable growth is the shared mission uniting business and politicians. It was encouraging to see commitments from the Labour party to implement an industrial strategy and a business tax roadmap, to speed up the planning system, And we were pleased to see Conservative party proposals to increase R&D investment and support people into the workforce. All are crucial steps to boost growth.?

But more can be done to improve the UK’s prosperity. We need to see the next Government sharpen the UK’s investor pitch to the world and prioritise the decisions that can deliver a decade of sustainable growth. In the CBI’s Business Manifesto, created together with over 400 business leaders and 70 Trade Associations, we outline the measure businesses are looking for from the next Government to redefine the UK’s growth journey. Our manifesto provides a guide for the next Government’s first 100 days, first 100 weeks and the first Parliament.?

Our proposals include the delivery of a Net Zero Investment Plan and implementation of a targeted green super-deduction – securing the UK’s standing as a world-leader on green growth and helping to meet our climate commitments. And we have to tackle our productivity problem – through action that encourages investment in technology & innovation, and with measures to boost our labour market through the expansion of tax-free occupational health support. Those are just a few of many possible steps to improve our economic prospects.?

No Government can solve the challenges facing the economy alone, and the CBI is clear that harnessing the insights and innovation businesses bring to the table will be key to delivering lasting change. The CBI remains ready to have those conversations with parties of all stripes to play their part in realising the ambition shared by UK plc and politicians: boosting sustainable growth. ?

Read the CBI Business Manifesto here 12833-business-manifesto-2023-aw.pdf