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Gloucestershire Business News

CBI calls for transformation of UK economy

This year offers a unique opportunity to transform the UK's economic policy after the twin shocks of Covid-19 and Brexit, the Confederation of British Industry (CBI) says.

Tony Danker, CBI Director-General, has outlined findings from a new, landmark economic plan called 'Seize the moment: how can business transform the UK economy?'

These include a 'decarbonised' economy and greater use of artificial intelligence (AI).

The plan is the result of months of research and business consultation. It identifies six ways to transform the economy to realise a decade of better economic growth and social solidarity.

Mr Danker said: "This country will never have a greater opportunity to transform our economy and society for the better than we have right now.

"This is the moment where we have a genuine chance to make big bets on how the UK economy will grow and compete. To use that appetite to invest, to collaborate globally after a decade of protectionism."

On what success would look like, he said: "Our plan is to make the UK the most competitive, dynamic and future-focused economy in the world. Become a beacon to the world in achieving green growth.

"Decarbonising our economy is a planetary imperative, we can use our transition to net zero to create green jobs, to find sustainable solutions and sell them to the rest of the world."

The report highlights six prizes for UK business and society:

• A decarbonised economy, winning the global race to net-zero.

• An innovation economy, breakthrough ideas and technologies, like greater use of Artificial Intelligence.

• A globalised economy, making the UK a trading powerhouse.

• A regionally thriving economy, with every region and nation playing to their own comparative global strengths

• An inclusive economy, where employers recruit more diverse talent from all corners of society and support reskilling programmes.

• A healthier nation, with better employee health and wellness.

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