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UK business groups have committed to collaborating with the new Labour government to rejuvenate the nation’s economy. Sir Keir Starmer has assumed the role of Prime Minister following Labour’s decisive General Election victory.
Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), stated:
“Congratulations to the Labour Party on their victory after a long and hard-fought campaign. The public have delivered them a clear and decisive parliamentary majority – hopefully, they will use this mandate to provide the stability and certainty businesses crave. How we revitalise our economy was hotly debated throughout the past six weeks, and it is encouraging to see they have many policies which clearly align with our recommendations. But after a gruelling election, the really hard work starts now. We need to see action from day one on pulling together a coherent industrial strategy for the long-term, which places a strong emphasis on harnessing green innovation. Closing the skills gap, growing exports, boosting productivity, and harnessing the power of AI won’t happen overnight.”
Rain Newton-Smith, Chief Executive of the Confederation of British Industry (CBI), also extended congratulations:
“Delivering sustainable growth should be the defining mission for the new government. Business stands ready to bring its innovation, ideas, and investment to make that shared mission a reality. Building a partnership for prosperity between government and business holds the key to unlocking a revitalised pitch to global investors. By working with business, the new government can deploy the capability and capacity of industry to deliver the connected transitions across net zero, the digital economy, and the future of work needed to put the economy on a pathway to sustainable growth.”
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The British Chambers of Commerce (BCC) has urged the UK government to improve the current EU-UK trade and cooperation deal to stimulate economic growth. Businesses have criticized the additional red tape and increased costs resulting from Brexit.
Shevaun Haviland, Director General of the BCC, emphasized:
“I’m not here to look backwards; I’m here to help build a better future for our business leaders and entrepreneurs. We must stop walking on eggshells and start saying it how it is. The current plan isn’t working for our members. The EU is the UK’s largest market, accounting for 42% of all our exports. Leaving the EU has made it more expensive and bureaucratic to sell our goods and services across the Channel. But better trading terms are possible if the UK government and the EU reach agreement in areas of mutual benefit for business on both sides. A better deal is best for everyone.”
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The UK has the lowest investment rates among G7 countries, according to the Institute for Public Policy Research (IPPR). In 2022, the UK trailed behind the USA, Germany, France, Italy, Canada, and Japan in business investment. The IPPR also noted that the UK has been at the bottom of the G7 league for investment for 24 out of the last 30 years and ranks 28th out of 31 OECD countries for business investment.
Dr. George Dibb, Associate Director for Economic Policy at the IPPR, stated:
“If the economy is an engine, then investment is its fuel. The UK’s dire productivity performance is the single biggest driver of our dire living standards. Without resources flowing into new investment, it’s hard to see how UK economic performance can improve.”
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About Accace Adept UK
We are a joint venture between Accace and Adept Advisory, established to pursue a long-term strategy of providing innovative Business Process Outsourcing (BPO) and advisory services to clients in the United Kingdom and South Africa. We joined forces to augment each other’s valuable insight, knowhow and practices, whilst combining our experience in complementary fields of expertise.
About Accace Circle
Accace Adept operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience and erase the borders of service delivery. Covering over 50 jurisdictions with nearly 2,500 professionals, we support more than 15,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 200,000 pay slips globally.
