CBI responds to 2024 Labour Manifesto
13 June 2024
Rain Newton-Smith, CBI CEO, said:
“Growth in the next Parliament will come squarely off the back of the private sector. To get the economy firing on all cylinders, the next Government must have a credible plan for boosting productivity that recognises business as the engine for delivering economic change.
“Delivering sustainable growth is the shared mission that unites business and politicians. Commitments to implementing an Industrial Strategy, a business tax roadmap, and improvements to speed up the planning system can all provide the certainty needed to unlock investment. Reassurances that Labour will not increase corporation tax and will look at wholesale reform of the business rates system are especially welcome.
“Going further on devolution can also unlock the power of the UK’s regions. English mayors bring a strategic regional view to important issues like transport, housing and infrastructure, ensuring their regions are attractive places for inward investment, both domestically and internationally.
“With other countries accelerating their efforts in the race for green growth, the UK must set out its intentions for how we can outsmart, not outspend our competitors. Delivering more ambitious decarbonisation targets will require a genuine partnership with industry and an urgency to building grid infrastructure.
“Key to delivering the green transition will be setting out the right enabling frameworks for investment. Ensuring that the publicly-owned energy company crowds in – rather than crowds out – private investment will be critical. Whilst collaboration with industry will be key to ensure that changes made to North Sea investment allowances don't jeopardise energy security and disincentivise investment in green technologies.
“With a clear link between good employee relations and higher productivity, businesses recognise the importance of matching flexibility in the labour market with fairness. Turning these proposals into legislation would require continued collaboration with business to understand the fine detail on how their implementation can avoid unintended consequences.”