72 • BUSINESSNEWS
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Backing Britain ’ s prosperity
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WITH THE UK AT A CROSSROADS , facing Brexit negotiations and the adoption of new technologies that will define prosperity for generations , the CBI is calling on the next Government to prioritise stability and a long-term vision for the economy .
In ‘ Backing Britain ’ s Prosperity ’, the UK ’ s leading business organisation , speaking on behalf of 190,000 businesses , lays out how the next Government and employers can work together to make a success of Brexit and secure the bigger , long-term prize of making the UK the most inclusive , innovative and open economy in the world .
The top immediate priority for the next Government must be to provide as much certainty as possible to support firms in making the investment decisions necessary for the UK ’ s future prosperity . This means being as clear as possible on tax and regulatory stability , and firms ’ ability to access skills .
For long-term success , the next Government should champion good business and work together on Brexit and an ambitious Industrial Strategy that takes a long-term approach to skills , infrastructure , innovation and trade .
Carolyn Fairbairn , CBI Director-General , said : “ The UK ’ s hard-won reputation as a predictable , pro-enterprise economy must be protected - the world is watching .
“ It is vital for both sides in negotiations to prioritise jobs and our £ 600 billion trade with the EU in the Brexit talks .
“ The bigger prize can only be won if the next government commits to an ambitious long-term Industrial Strategy that builds the skills and infrastructure the UK so badly needs , and puts innovation at the heart of the UK economy . Brexit must not be allowed to crowd out fixing the foundations of our economy .”
In summary , the CBI is calling on the next Government to :
ENSURE THE UK REMAINS A GREAT PLACE TO DO BUSINESS
• Reduce uncertainty through business tax predictability , a policy of ‘ no surprises ’, and minimal regulatory change ( including through the Great Repeal Bill )
• Reverse the rising cumulative burden on business to enhance competitiveness , including a full review of business rates by the end of the next Parliament
• Ensure that businesses in Scotland , Northern Ireland and Wales continue to benefit from an effective UK single market .
PRIORITISE JOBS AND TRADE IN EU NEGOTIATIONS
• Rule out a fall-back into World Trade Organisation rules and ensure robust interim transitional arrangements are agreed as soon as possible
• Immediately guarantee right to remain for EU citizens working in the UK , and by December 2017 confirm the new migration system that will enable firms to access the skills and people they need to deliver growth while addressing public concerns
• Get top minds from Government and business working together in ‘ brightest and best ’ joint Brexit taskforces on some of the most complex issues : customs ; data , regulation , people , and EU funding .
COMMIT TO A LONG-TERM INDUSTRIAL STRATEGY : SKILLS , INFRASTRUCTURE AND INNOVATION
• Ensure every child has a good core education , using Chartered College of Teaching and a new fund to support heads and teachers , and guarantee high quality careers advice in all schools by 2020 , with firms as valued partners
• Build quality pathways to skilled careers by redesigning the Apprenticeship Levy to ensure it delivers quality and not just quantity , alongside a revolution in technical and digital skills through excellent implementation of new T-Levels by 2021
• Maintain timely progress on delivering a third runway at Heathrow and set out a long-term aviation strategy by 2018
• Push forward with projects that will drive productivity within as well as across regions , including demonstrating clear progress on Crossrail 2 and plans for Northern Powerhouse Rail
• Target R & D spending of 3 % GDP by 2025 , and kick start it through a new tax allowance and renewed partnership between firms , universities and Government
• Ensure the durability and success of the Industrial Strategy by establishing clear objectives and milestones and monitor progress independently of Government .
WORK WITH FIRMS TO EMBED GOOD BUSINESS PRACTICE
• Back business proposals to address poor conduct through a new ‘ yellow card ’ process for shareholders on remuneration , and for firms to report publicly on how they have engaged with employees and stakeholders
• Set up a joint Commission involving business and Government to examine the impact of new technologies , including Artificial Intelligence and robotics , on people and jobs , with recommendations for action and policy by June 2018 .
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