New PM must act fast to set a clear direction and build a long-term vision for the UK.
On 23 July, the result of the race to become the next leader of the Conservative Party and our next Prime Minister will be announced. It’s a pivotal time not only for politics, but also for business.
That’s why, ahead of the new Prime Minister taking office, the CBI has set out the views of its members in a new manifesto, Getting back on track: a business manifesto for the new Prime Minister.
The manifesto is designed to provide the new government with a working guide to the actions that will help get the UK economy back on track. It was informed by conversations the CBI has had with member businesses of all sizes, in all sectors and regions of the UK. And this mandate is critical, because the best way to bolster our economy is to foster a more collaborative partnership between government and business.
Though the UK remains a fantastic place to do business, questions are being asked. Ongoing Brexit uncertainty; renationalisation threats; ambiguity over Heathrow, HS2 and Northern Powerhouse Rail; and possible unilateral action on taxation are making investors think twice. Now is the time to restore the UK’s reputation as a stable and trusted country to do business.
The new Prime Minister has the opportunity to inject a new lease of life into the UK economy and show the world we are open for investment. To do this, the manifesto calls for action in three areas:
- Act fast to show the world that the UK remains a trusted place to do business
End uncertainty surrounding major infrastructure projects; fix broken policy from the apprenticeship levy to business rates; build an immigration system that works for enterprise; and prioritise a tax environment that is fair for all. - Build a compelling economic vision for the UK of the future
A stronger, long-term vision is needed with bold action on skills, infrastructure, innovation and trade. - Back business as a force for good
Business has so much to offer our communities – including improving employee engagement, upskilling young people and helping to meet the UK’s ambitious net zero carbon target. It’s time to tackle inequality through a collaborative, pro-enterprise culture.
Getting back on track is the first step in the CBI’s engagement with the new government. As the government takes shape, the CBI will continue to promote businesses’ priorities in all our public interventions and private engagements.
By working together, business and government can show the world that the UK is a truly pro-enterprise, open and inclusive economy, and deliver prosperity for communities across the country.
