Business can help to boost Britain, CBI tells new PM

THE next prime minister should unleash the power of businesses to boost the economy through Brexit and show the world Britain is a reliable and prosperous partner, the biggest industry body has said.

He should back big infrastructure projects, set clear long-term goals for taxes and public finance, chop costs such as business rates, create a progrowth immigration system and strike a good trade deal with the EU, said the Confederation of Business Industry (CBI). With a new vision for a highly productive, green and open economy this should restore confidence, boosting investment and growth, said the body in a “business manifesto” for the new leader’s first 100 days in office.

“Early signals matter. The UK is a fantastic place to do business but we must be honest – the reputation of our country has taken a dent. Our new prime minister has a real chance to inject a new lease of life into the UK economy and show the world we are open for investment,” said Dame Carolyn Fairbairn, CBI director-general.

“He should take a transformative approach to making the country more competitive, innovative and inclusive. We urge the next prime minister to act fast to get the economy back on track. No equivocation on essential national infrastructure, from HS2 to Heathrow. An immigration system that is controlled but also open and welcoming. And it means fixing policy that isn’t working, from business rates to the apprenticeship levy.”

It comes after No 10 frontrunner Boris Johnson tried to restore his reputation with bosses, pledging to become “the most pro-business prime minister” and trying to erase harm caused by his “f--- business” comment to the Belgian ambassador last year.

CBI business surveys indicate private sector activity contracted in the three months to June at the fastest pace since 2012, underlining its call for action. “By backing business, the Government can ensure every part of the country benefits from enterprise, jobs and growth,” Dame Carolyn said.