WIREDGOV

Shifting the UK economy back onto a growth trajectory is the only way to sustainably deliver brilliant public services and relaunch the UK’s global standing.

• Economic competitiveness should be a central theme of all competing political party manifestos at the next General Election.
• The UK has industrial strengths on which to build but must take bold choices in the coming years to attract and retain global investment.
• CBI today launches two, senior committees to build a vision for a new government on trade, investment, devolution and industrial strategy.

Research shows that over half of global manufacturers are citing negativity towards the UK economy as an investment destination, with 33% citing UK-specific elements as driving investment loss or divestment in recent years.

This trend can reverse within the next parliamentary term. To do so, both government and business need to face into our problems, with private capital crowded in to tackle them and not frozen out.

That means big choice and bold moves on increasing business investment, future-proofing our labour market, recommitting to our climate ambitions and improving our global reputation for infrastructure delivery.

The General Election provides the UK a moment, in which it should commit once more to reform, investment and international competitiveness. Our peers and partners around the world will be watching.

Two new CBI committees are aimed at helping do just that – focused exclusively on pitching our growth plan and ensuring the UK business environment is the best in which to run and scale a business for the next decade. Fixing the foundations at home and strengthening the UK’s pitch to the world can rapidly shift UK growth and productivity.

UK Committee Co-Chair, Carl Sizer, UK Head of Regions & Platforms, PwC said:

“The next government will need to hit the ground running to relaunch the UK as the home for businesses who want to invest and grow. With the cost of doing business at an all-time high, and a challenging economic outlook, making the right policy choices around infrastructure, regional growth and investment has never been more important.

“It’s critical that business works together ahead of an election to show what any approach to driving economic growth will need to tackle, and these fora will be able to do just that.”

Global Committee Co-Chairs, Oriel Petry, Senior Vice President, Airbus & Pinder Sahota, UK General Manager, Novo Nordisk said:

“The UK’s pitch to the world has rarely been more important. With global supply chains under pressure, and the competition for international investment particularly high, a visible partnership between business and government, focused on growth, is key.

“With a General Election approaching, these forums provide both industry and policymakers an opportunity to stress-test some of the difficult choices we need to make, for the UK to regain global competitiveness and return to growth.”

The Committees will:

• Convene officials, thought leaders, civil society, regulators and business leaders and draw upon their expertise pre-election and post-election.
• Identify priorities for both the new government and industry to lead on delivering, which collectively increase the UK’s competitiveness.
• Extend a clear offer to both the current and new governments on crafting the best possible UK pitch to the world.

Jordan Cummins, UK Competitiveness Director said:

“In an Election year, with tight fiscal headroom, prioritising competitiveness, to build the foundations for growth, should be central to every political party’s economic pitch.

“Businesses compete locally, nationally and globally everyday, by investing in competitive advantage and balancing risk with reward. These new committees will help show a new government how to think more like business and go for growth through a competitive industrial strategy.”