CBI reaction to the Prime Minister's Guildhall Speech

15 Nov 2016 01:50 PM

We responded to the Prime Minister's speech on free trade, industrial strategy and responsible business.

Carolyn Fairbairn, CBI Director-General, said:

“The United Kingdom is renowned for our innovative, ambitious and international firms of all sizes, sectors and regions, which are focused on trading across the world and creating prosperity back home.

“It’s encouraging to see the Government make a robust case for free trade. Working with business, it can ensure that the benefits help drive productivity, and increase living standards in all parts of the country.”

On the Government’s industrial strategy, Carolyn said:

“Embracing a modern industrial strategy, combining sectors and areas to capitalise on our competitive advantages, will be key to a sustainable industrial future and to inclusive growth.

“Business looks forward to working with the Government to determine the best way to achieve this, as well as to developing the United Kingdom’s reputation as being open for investment.”

On responsible business, Carolyn said:

“Companies are committed to improving employee engagement. There is no blanket solution, but a starting point is firms being able to outline what approach they are taking – whether that's employees on boards, employee committees, dedicated representatives, or another model.

“Investors should rightly hold companies to account over exceptional pay for poor performance. Introducing a targeted binding vote regime would focus attention on the most concerning cases giving shareholders the teeth to truly have the final say on top executives’ pay.”