UK business leaders launch ‘anti-brexit’ plan to restart economy

Forget Brexit, says the Confederation of British Industry, a group which represents 190,000 companies in the UK.

The organisation says “Seize the Moment,” and releases a report intended to establish a competitive, dynamic and future-focused economy in the decade ahead – leaving Brexit and other past issues behind.

“In 2021, we have a once-in-a-generation opportunity to reset the UK economy. The scale of the shocks facing the nation: the Covid-19 pandemic, our new relationship with the EU, the ever-quickening speed of technological progress and the climate imperative are already testing and transforming people’s lives and businesses.

This year must be a turning point. Future generations will judge us on the road we choose next. The economic history of nations shows that the decisions we take, the plans we develop and the actions we set in motion in the coming weeks and months will cast a long shadow, determining our people’s success and wellbeing, as well as the UK’s place in the world for generations,” the report says.

The report, entitled Seize the Moment: an economic strategy to transform the UK economy,  identifies six business-led opportunities that the UK could capture by 2030, which it says will be about £700 million for businesses in the country:

1. A decarbonised economy, winning the global race to net-zero
2. An innovation economy, breakthrough ideas and technologies, adopted by all
3. A globalised economy, making the UK a trading powerhouse
4. A regionally thriving economy, ensuring every region and nation has distinctive, global strengths
5. An inclusive economy, where work enables all talent to progress
6. A healthier nation, with health the foundation of wellbeing and economic growth.

The report details tangible benefits for all business, specific firms and sectors operating across these areas, and for society.

There could be a £180 billion uplift in output by 2030, driven by health interventions inside and outside the workplace, if we continue harnessing the care shown by employers for their staff during the pandemic

SMEs could boost export revenues by an additional £20 billion in 2030 if they are properly equipped with the know-how to take advantage of overseas opportunities

A £150 billion uplift to GVA by 2030 could be provided by closing future UK skills gaps.

Greater AI diffusion and SME tech adoption could add £38 billion and £45 billion respectively to UK GVA in 2030.

New sources of regional prosperity could be secured through the several business clusters likely to emerge by 2030

New sources of regional prosperity could be secured through e several business clusters likely to emerge by 2030 due to the net-zero transition.

The UK could capture £8 billion in additional revenues from higher exports of hydrogen electrolyser production to the EU.

“Neither business, nor government – central, local or devolved – can achieve success in isolation. So, the CBI’s report sets out the partnership required between government and business to realise our ambitions across each of the six opportunities,” the report concludes.