British employers on Monday called on Prime Minister Boris Johnson to review regulations and tax rules to help them meet the challenges of Brexit, the post-pandemic recovery and prepare for a net zero carbon economy.
The Confederation of British Industry (CBI) has said 2021 should be a turning point for economic policy to break the pattern of low productivity that has weighed on growth for more than a decade.
“This country will never have a greater opportunity to transform our economy and our society,” said CBI Managing Director Tony Danker. “This is the time when we have a real chance to make big bets on the growth and competition of the UK economy.”
The CBI urged regulators to prioritize investment, creating economic clusters across the country to foster innovation and better skills training.
He also said a long-term plan was needed for taxation that would allow Britain to undo the damage to its public finances from the largest peacetime budget deficit on record without hurting business investment. .
The UK economy fell nearly 10% last year and is expected to grow 7.25% in 2021, according to the Bank of England. But the central bank has predicted that growth after 2022 will return to its slow pre-pandemic pace.
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