CBI Business Manifesto For New Government

CBI urge new government to revitalise ‘Brand Britain’.

The CBI (Confederation of British Industry) maps out steps the new Government should take in their ‘Business Manifesto’. The manifesto was created with insights from over 400 business leaders and 70 Trade Associations,  to reshape the UK’s growth and ensure a sustainable future.

According to the latest government figures released last year, investment has plummeted by around 30 percent between its peak in 2016-2017 and the 2022-2023 period.

The CBI report that growth during the next Parliament will heavily depend on the private sector. With ample capital and the UK vying for global investment, the new Government's key challenge in the first 100 days will be to develop a credible plan to attract private sector investment and promote sustainable growth.

CBI Business Manifesto; Key recommendations include:

Revitalise the investor pitch for ‘Brand Britain’:

• Launch an innovative trade and investment strategy: Boost UK exports, secure imports, and attract investment to enhance the UK’s competitive edge, growth, and productivity, thereby increasing employment.

• Deliver a Net Zero Investment Plan: Position the UK as a global leader in green growth, creating investment opportunities that attract businesses to invest and grow locally. This success can generate jobs, improve energy security and efficiency, reduce energy costs, increase tax revenues, fund public services, and help mitigate climate change.

• Unlock the potential of UK regions: Align the UK’s industrial and trade strategy with the influential role of UK Mayors through a new industry-partnered Mayoral Economic Compact launching on 17 July 2024.

Build momentum within the first 100 days on the ‘big three’ enablers for investment:

• Create a tax environment that drives investment: Develop a long-term UK Business Tax Roadmap to establish a simplified, digitised business tax system with a focus on international competitiveness.

• Transform the planning system: Accelerate decision-making and reduce bureaucracy with a UK-wide Planning for Growth Strategy, prioritising grid connections.

• Enhance the labour market and productivity: Expand tax-free occupational health support to encourage business investment in early workforce health interventions, preventing employees from leaving the labour market. Extend the Made Smarter programme to all sectors, providing firms with the support and funding needed for growth.

Rain Newton-Smith, CBI CEO, commented:

“The UK economy has faced numerous ‘one-off’ shocks over the past five years, from the aftermath of Brexit to Covid, global conflicts, and the ensuing energy crisis. Consequently, our economy has been more focused on shock absorption than on fostering growth.

“However, firms are beginning to see positive signs in the UK economy. The persistent challenges remain: sluggish productivity growth, underperforming business investment compared to international counterparts, and ongoing labour and skills shortages.

“A new Government, regardless of its political stance, presents an opportunity to prioritise long-term decisions for a decade of sustainable growth.

“The top priority should be enhancing the investor pitch for ‘Brand Britain’—ensuring we lead in global investment. Concurrently, building momentum behind the ‘big three’ enablers—tax, planning, and the labour market—within the first 100 days can provide businesses with a clear path to growth.

“We urge the new Government to present a bold pitch to global investors, restore the UK’s competitiveness, and reinforce our climate commitments and opportunities.”

Source: CBI