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The CBI responds to The Pensions Regulator’s consultation on the new defined benefit pensions funding framework, asking for an approach that will work for more businesses.
Senior Policy Adviser
Understand what the discontinuation of the benchmark rate LIBOR means, and what you should expect from your lender in the coming months, in this new practical guide.
Ana Isabel Gallego
Senior Policy Adviser, FS, CBI
Businesses’ relationship with banks developed effectively during COVID-19; how can we ensure the same is true for the climate crisis and the need for businesses’ transition to net-zero.
Ian Price, CBI Wales Director, said the business knows that taking action now can help to maintain confidence and avoid further restrictions in the months ahead. He added:
“While the Chancellor has taken bold and decisive action to support jobs and companies’ cashflow across the UK, Welsh firms remain under extreme pressure. That’s why we need the UK and Welsh governments to work together and use whatever tools at their disposal to protect lives and livelihoods in the coming weeks and months.”
Dame Carolyn Fairbairn, CBI Director-General, said wage support, tax deferrals and help for the self-employed will reduce the scarring effect of unnecessary job losses as the UK tackles the virus. She added that further business rates relief should remain on the table.
“The Chancellor has listened to evidence from business and unions, acting decisively. It is this spirit of agility and collaboration that will help make 2021 a year of growth and renewal.”
Matthew Fell, CBI Chief UK Policy Director, highlighted that firms of all sizes have stepped up as part of the national effort in the fight against COVID-19. He noted:
“During this period we have seen agile, innovative approaches to public-private partnerships deliver enormous benefit. As we seek to build back better from the pandemic, this must become the new normal."
Dame Carolyn Fairbairn, CBI Director-General, noted the Labour Leader was right to prioritise investment in education and skills.
“The past six months have shown what is possible with brilliant collaboration between the public and private sectors, and firms will be looking for Labour to set out how it will work with business on these shared challenges in the months ahead.”
Rain Newton-Smith, CBI Chief Economist, noted Labour clearly recognise the unrelenting pressure firms are facing. She added:
“All parties agree that saving good jobs today is far better than picking up the pieces tomorrow. That needs bold action as the UK heads into a challenging autumn.”