Next government needs plan for growth within 100 days, says CBI
The Confederation of British Industry (CBI) wants an immediate focus on the economy following the General Election.
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Your support makes all the difference.The next UK government must develop a credible plan for sustainable economic growth and draw investment within its first 100 days, according to a leading business group.
The Confederation of British Industry (CBI) has called for an immediate focus on the economy following the General Election in July, after a turbulent few years for UK businesses.
It comes amid a backdrop of sharply-increased interest rates – which sit at a 16-year-high of 5.25% – and shaky consumer sentiment following soaring inflation over the past two years.
The CBI has said the next government must “revitalise brand Britain” in a bid to attract further investment into the country.
The trade group said in its pre-election “business manifesto” that firms want to see a cutting-edge trade and investment strategy from the next government, in order to grow UK exports, secure imports and improve investment.
A new government of whatever colour provides an opportunity to shift gear and prioritise the long-term decisions that can deliver a decade of sustainable growth
Rain Newton-Smith, chief executive officer of the CBI, said: “Top of the in-tray should be sharpening the investor pitch for ‘brand Britain’ – ensuring we are at the very top of the league table when it comes to investment.
“At the same time, a focus on building momentum behind the ‘big three’ enablers across tax, planning and the labour market within the first 100 days can give firms a clear flightpath for growth.
“We want to see a new government deliver a bold pitch to investors across the globe, restore the UK’s competitiveness and double down on our climate commitments and opportunities.”
It also urged the General Election winner to deliver a net zero investment plan to help create more jobs linked to energy security and efficiency.
The CBI also highlighted a need to “unlock the power of UK regions” and align a future industrial and trade strategy with regional UK mayors.
Ms Newton-Smith added: “The UK economy has spent the last five years buffeted by a series of ‘one-off’ shocks – from the aftermath of Brexit, to Covid, to global conflict and the subsequent energy crisis.
“As a result, our economy has understandably focused more on shock absorption than on boosting growth.
“A new government of whatever colour provides an opportunity to shift gear and prioritise the long-term decisions that can deliver a decade of sustainable growth.”