Give business the freedom to drive UK recovery, says British Chambers of Commerce
With the political party conference season in full swing, the British Chambers of Commerce (BCC) has issued a warning that all three main parties must present a clear vision that gives business the freedom to create opportunities, jobs and growth to drive the UK’s recovery from recession.
The warning comes as the BCC publishes its “Business Manifestoâ€, which sets out business policy priorities for the next Parliament.
The BCC Manifesto argues that the next government faces three fundamental economic challenges: tackling the legacy of the deepest recession in decades, reining in public spending, and identifying future sources of economic growth and jobs. The core components in the Manifesto include:
Rebuild our business infrastructure – Despite severe pressure on the public finances, vital infrastructure spending must be maintained. Governments cannot just look at ring-fencing health spending, when investment in transport, IT and energy will drive productivity and recovery.
Avoid more tax and regulatory obstacles – Since 1998 regulation has cost business £77bn. Any new employment legislation will distract firms from their main task of creating wealth for the economy, so there should now be a moratorium on new employment law. The 2011 National Insurance increase should also be scrapped, as it is a tax on jobs.
Rebalance the economy – We cannot rely on old favourites, such as financial services and the public sector to drive recovery. Instead, there must be a stronger focus on international trade and enterprise in both manufacturing and services. According to a recent BCC survey, just 31% of companies exported last year - that is not enough.
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