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CBI: Productivity prize unveiled ahead of mayoral hustings

CBI research highlights potential productivity prize if new mayor can grasp opportunity.

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As company chiefs look forward to hearing from mayoral candidates ahead of the forthcoming Liverpool City Region Combined Authority (LCRCA) election, the UK’s largest business organisation has released new information showing the size of the prize on offer for the new mayor.

The CBI North West and Irwin Mitchell LLP sponsored hustings will take place at the Mercure Atlantic Tower Hotel, Liverpool, on 4th April, offering business leaders an opportunity to hear from candidates about their plans to accelerate economic growth across the region.

With productivity in the North West 33% lower than that in London, closing this gap should be a key priority for the new elected mayor. A recent CBI report, Unlocking Regional Growth, found that productivity is the main reason why living standards and economic growth differ so much across the UK.

CBI research shows that if businesses and Government can close this productivity gap, the gain to the Merseyside economy could be more than £3 billion by 2024.

Damian Waters, CBI North West Director, said:

“The incoming mayor has a huge opportunity to use the levers available to them and raise the bar for the area. Increasing productivity has got to be the number one focus because it will lead to more jobs, investment and prosperity for the region as a whole.

“It’s imperative that the new mayor must grasp this opportunity and reach out to businesses in the process. The CBI looks forward to working with them to ensure Merseyside reaches its full potential.”

Damian added:

“This is a hugely interesting and important time for businesses, who will want to know how the candidates will increase productivity and prosperity across the region.

“So they’ll be looking for an understanding of what companies need to keep investing, hiring and fuelling regional economic growth amid uncertain times.

“Our research found that educational attainment is the number one driver of productivity differences across the UK. And company leaders say access to a broader pool of skills and labour is vital for the majority of firms, whether they are small, medium or large.”

Note to Editors:

The hustings will take place at the Mercure Atlantic Hotel in Liverpool on 4 April, from 5.15-7pm. Journalists wishing to attend the hustings should rsvp to press.office@cbi.org.uk

Confirmed candidates include:

  • Tony Caldeira, Conservative Party
  • Carl Cashman, Liberal Democrats Party
  • Tom Crone, Green Party
  • Steve Rotheram, Labour Party
  • Tabitha Morton, Women’s Equality Party

 

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