CBI responds to Andy Burnham MP speech on the economy

Rain Newton-Smith, CBI Chief Executive, said: 

“Business will welcome Andy Burnham’s clear focus on growth and delivery. Taking the positive, dynamic and collaborative approach that has helped public and private sectors drive growth in Manchester and applying it at UK level would give industry a practical agenda it can get behind. 

“Business will welcome the commitments to sound public finances, upholding fiscal rules and maintaining investor confidence. Backing innovation and scale-ups, boosting international trade and tackling youth unemployment by strengthening apprenticeships are practical steps that can help unlock growth. 

“Business leaders will be encouraged by efforts to use the levers of devolution to spread prosperity across the country. While London must remain vital to UK growth and investment, helping other regions attract greater investment and make decisions that reflect local priorities is essential to taking the economy forward. 

“While firms support many of the ambitions, they will need a clear delivery plan – particularly on business rates. Proposals for greater intervention in markets such as transport and utilities must avoid deterring investment. Public-private partnerships remain the most effective and affordable route to upgrading critical infrastructure, crowd-in vital private capital and deliver long-term growth.  

“We can’t forget that a change of Prime Minister does not change the economic realities facing the country. Public spending alone cannot ease the cost-of-living crisis or transform the economy; business must do much of the heavy lifting. If firms are to be the engine of growth, the government must first tackle the cost of doing business, which has already reached a tipping point.”