British businessmen on Monday called on Prime Minister Boris Johnson to review regulation and tax rules to help them meet the challenges of Brexit, post-pandemic recovery and preparation for a zero-carbon economy.
The British Confederation of Industry (CBI) said that 2021 should be a turning point for economic policy to break the weak productivity pattern that has weighed on growth for more than a decade.
“This country will never have a greater opportunity to transform our economy and society,” said Tony Danker, CEO of CBI. “This is the time when we have a genuine opportunity to make big bets on how the British economy will grow and compete.”
The IWC urged regulators to prioritize investment, the creation of economic clusters across the country to encourage innovation and better skills training.
Steps like these could help unlock 700 billion pounds ($ 989 billion) of additional economic growth, the CBI said.
He also said a long-term plan was needed for taxation that would allow Britain to fix the damage to its public finances caused by the largest peace budget deficit in history without hurting business investment.
Finance Minister Rishi Sunak welcomed the IWC proposals.
“Government and business will work together on a shared commitment in everything from decarbonisation to innovation to increase future skills and global business success,” he said.
The British economy fell by almost 10% last year and is expected to grow by 7.25% in 2021, according to the Bank of England. But the central bank has predicted that growth after 2022 will return to its slow, pre-pandemic pace.
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