CBI Chair, Rupert Soames gives growth speech at CBI Midlands Business Dinner

Speaking at the CBI Midlands Business Dinner in Birmingham, as the CBI begins its 60th anniversary year, Chair Rupert Soames says that the UK is at a pivotal moment for its economy, with decisions made in the next five years set to shape the nation’s trajectory for the next three decades. Business leaders and policymakers must work together and act decisively to drive sustainable economic growth, productivity, and investment.

The UK government, with its strong mandate, has an opportunity to reignite growth. “There is not a business leader I have spoken to who does not wish the government well in its ambition” he will say, adding that slogans such as “growth, growth, growth” must be matched with concrete strategies and policies.

On key priorities for growth, CBI Chair, Rupert Soames says:

“To get growth going, we must get the flywheel of the economy turning. Up and down the country businesses need to increase the rate of investment in growth, and they will only do that if they have confidence government policy will support them. In particular they need to see regulation such as planning become much more growth-friendly, and not to do anything to discourage employment.

“We must also navigate the rapidly-changing world around us. A world where the three elephants of the EU, China and the US, trumpet and flatten the grass of the global economy, and where AI is going to have a massive effect on the world of work. We need to find a position which enables us to attract investment, and trade without hindrance, and take advantage of all the opportunities that will present themselves.”

On long-term priorities, CBI Chair, Rupert Soames says:

“We already see that demographic change, like climate change, really is a large-train-coming-down-the-tracks.

“To manage the demographic crisis rolling towards us, supporting the health of our workforce – supporting employers to support the health of our workforce – must be a top priority. To do that, the CBI is urging the government to make Employee Assistance Programmes a fully tax-free benefit for staff.

“Business should be praising Rachel Reeves for her courage and boldness in supporting a whole lot of initiatives which in electoral terms may be short-term unpopular but will be long-term vital to the country. Projects like the Lower Thames Crossing, nine reservoirs, the Oxford Cambridge Arc and the expansion of Heathrow which will accrue to the benefit of whichever government is in power in 8 to 10 years’ time.”

On short-term concerns, CBI Chair, Rupert Soames says: 

“The Budget may have worked to fill a hole in the public finances by significantly increasing taxes on business, but in filling one hole it has created another – in the confidence and trust of business... this is not conducive for encouraging businesses to invest.  

“And in the next few weeks we will see the details of the Employment Rights Bill, on which the CBI has been lobbying government hard to avoid unintended consequences for employment. Whether this legislation acts to encourage, or discourage, investment and growth, we wait to see.  

“To restore business confidence, this government must make sure its policies on all of those truly hang together in a way that makes sense for business.”

Making a call for government to ‘truly listen’ to business CBI Chair Rupert Soames says: 

“This year is the 60th anniversary of the granting of the royal charter to the CBI, to be of service to business, to public affairs, and to the people and economy of this country. We have been here through 14 Prime Ministers and 20 Chancellors, through 17 General Elections and over 100 Budgets.”

Restoring business confidence will take “the government truly listening to business”, including to a “critical friend” such as the CBI, with an “acknowledgement that the sum of all wisdom does not reside exclusively in Whitehall.”