One year on from the start of Russia’s deplorable war in Ukraine, the impacts continue to be felt directly and indirectly.
Whilst NATO rightly maintains its support for Ukraine, the economic sanctions, geopolitical instability and inflation continue to affect business operations around the world.
Over the next quarter, expect to see a renewed emphasis on stopping the circumvention of sanctions and a real push to deliver something… anything… tangible out of the G7 on economic security in May. The B7 in April will be an opportunity to challenge the G7 on this and importantly will be a moment to champion free and open trade at a time when the Inflation Reduction Act has stimulated a fresh round of worrying protectionism.
In the UK we have rearranged the deck chairs with the dissolution of BEIS and DIT and the creation of three new Departments. This has, helpfully in my view, brought international trade, supply chains and economic security into a single place. It has also provided real focus on the two areas that will drive our future economy – the green transition and technology. All three Departments will be focussed on delivery ahead of a potential 2024 election and will need business on board to deliver.
We are already mapping relationships and interactions across the new machinery whilst immediate priorities persist. The Prime Minister’s Northern Ireland deal, yet to be published at the time of writing, pressing the government on stimulating investment and growth in the run up to the March 15th Spring Budget and a potential amendment to the Foreign Influence Registration Scheme which sits inside the National Security Bill are keeping CBI teams busy. We are also awaiting the Integrated Review refresh, expected end of March which is currently in final political negotiations.
What does this mean for CBI members? The UK does not sit in a bubble but a part of a global ecosystem. The CBI is shouting that the UK nee
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