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CBI response to Government productivity plan
The CBI has responded to the publication of the Government’s productivity plan, ‘Fixing the Foundations: Creating a more prosperous nation’.
John Cridland, CBI Director-General, said recently:
“Productivity is a missing piece of the growth puzzle.
“This ambitious plan from the Government will help our economy move up another gear. We’ve already seen progress in the Budget with lowering Corporation Tax, movement towards a business tax roadmap and the new permanent Annual Investment Allowance – all will help increase investment by creating certainty for businesses.
“Creating better routes into the higher skills needed for today’s jobs market is something we’ve been behind all along, so we’re glad to see the Government making this the centrepiece of its plans to power up productivity with the creation of Institutes of Technology.
“As the CBI has made clear, if we get behind growing firms, improve vocational education, upgrade the UK's infrastructure and invest more in innovation and exports, we can make sure the benefits of growth are felt by all.
“And we look forward to contributing to the work of Sir Charlie Mayfield and Sir Charles Bean to ensure UK productivity, properly measured, becomes a beacon.”
On the new planning measures, Mr Cridland said:
“With planning often cited as one of the main barriers to building the 240,000 new homes we desperately need each year, reducing red tape for brownfield building is a significant step in the right direction.
“We want to see this level of ambition replicated for public sector land. A register of all available public sector land will provide developers with a clear pipeline and give taxpayers value for money.”
On digital infrastructure, Mr Cridland said:
“Digital connectivity is crucial for businesses of all sectors and sizes, so changes that speed up the roll-out of upgrades to our fixed and mobile broadband infrastructure will help firms to leverage the reach of online.”
On financial services, Mr Cridland said:
“Putting productive investment centre stage for the Financial Policy Committee and championing Fintech with a Special Envoy are steps in the right direction.
“The Government should go further by reviewing the role of the tax system in increasing equity finance and giving clearer objectives for competitiveness and growth to Financial Conduct Authority and the Prudential Regulatory Authority.
“The joint New Bank Unit should consider ways to ease capital requirements and help smaller banks access affordable wholesale funding to drive further diversity across the banking sector.”
On apprenticeships, Mr Cridland said:
“In the past, the training delivered by levy approaches has often been costly and not linked to the needs of businesses and learners. The real solution to more quality apprenticeships lies in giving greater control over content to businesses working together in partnership - the CBI will work with the Government to make the best effect of this measure.”
CBI podcast: What is productivity? And why does it matter?
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