WIREDGOV

CBI National Business Dinner – CEO Rain Newton-Smith's speech (25 April 2024).

Good evening everyone.

I can’t tell you how great it is to have so many people here.

All your support really does mean the world to us.

Now, I know we are all looking forward to hearing Rupert gather round the proverbial campfire with the Secretary of State for Business and Trade…

But I want to say just a few words about growth and resilience.

It is almost exactly a year since I became Chief Executive of the CBI.

And if a week is a long time in politics, 52 of them in business can feel like a lifetime…

But I am so proud of all we’ve achieved here... with you our members, the wind in our sails.

Criss-crossing the country, I’ve been genuinely inspired by so many of you…

…your drive… your determination… your optimism.

As Rupert, our Chair, said so eloquently…

…in the last few years you and our economy have withstood the pandemic, Brexit, inflation, shortages…

…the list goes on.

But there’s one golden thread running through all that…

…which gives me hope for the future.

That’s the power of business and government when we work in partnership.

All we have achieved together in the face of adversity.

Think back…

…during Covid, in those dark times, when the Job Retention Scheme saved millions of livelihoods…

…that was partnership, listening, resilience between government, the CBI, the TUC and business.

Or after the invasion of Ukraine, again, we worked together…

…to shift supply chains, shore up energy security, and deliver humanitarian support.

Seeing what we can achieve when we work together…

…is what inspired me to come back to the CBI.

The challenges we now face from tackling climate change to transforming our economy and helping more people into work…

Individual businesses and sectors can’t do this alone.

It takes leadership.

It’s why I’m standing here now.

Because I am convinced we can rise to the challenge again…

…and deliver growth.

long-term, sustainable growth that is the only real way…

…to raise living standards for our people and communities.

And I firmly believe UK business has the power to lead on this once more.

Because in the next 50 years we are going to see huge change…

…as the global economy is redefined and reshaped…

…by the high-growth, high-tech industries of the future.

Life sciences, green tech, creative industries – and more.

And here, the UK is coming from a position of strength.

Take life sciences. CBI Economics data shows in the UK…

…they add thirty-five billion to our economy.

Advanced manufacturing is another sixteen billion.

Then net zero – that’s seventy-four billion pounds, driven by so many great UK businesses…

…who are racing to transform our economy and tackle climate change.

Against flatlining growth in the wider economy, that sector grew nine per cent last year.

But the challenge is – we’re not alone.

We’re at the start of a worldwide race for market share.

And though we’ve got a head start, as so many of you have told me – we can’t rest on our laurels.

On net zero, we’re up against the Inflation Reduction Act in the US – over one trillion dollars.

We can’t outspend competition like that…

…but we can outsmart them –

Through government and business working together, as we have so often…

…to design and road-test policies that work. 

That are focused on a common goal

…to catalyse business spending.

We’ve already seen this succeed.

Look at the semiconductor cluster in Wales, where I visited our member KLA last week.

There, a first drop of government funding has grown into a cluster worth over £300 million…

…based around government, business and universities.

We’re seeing the partnership model deliver nationally too.

We are the world’s second largest exporter of services. And the Mansion House Compact, designed with pension funds…

…could unleash billions in private investment for high-growth industries.

Across political parties, there’s emerging consensus that this model works.

But there’s always a but.

We’re still just at the start of the race…

…and we’re entering a period of high politics.

When it’s too easy for discord to win.

When it’s too easy to lose sight of the long-term goal…

…because of short-term politics

So my message to all parties today is –

Business has the ambition…

…but we need politicians to work with us to deliver it.

It’s partnership not politics…

…that will drive growth for the economy and the people of this country.

Thank you.