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Next government needs plan for growth within 100 days, says CBI

The CBI said firms want to see a cutting-edge trade and investment strategy from the next government (Jonathan Brady/PA)
The CBI said firms want to see a cutting-edge trade and investment strategy from the next government (Jonathan Brady/PA)

The next UK government must develop a credible plan for sustainable economic growth and draw investment within its first 100 days, according to a leading business group.

The Confederation of British Industry (CBI) has called for an immediate focus on the economy following the General Election in July, after a turbulent few years for UK businesses.

It comes amid a backdrop of sharply-increased interest rates – which sit at a 16-year-high of 5.25% – and shaky consumer sentiment following soaring inflation over the past two years.

The CBI has said the next government must “revitalise brand Britain” in a bid to attract further investment into the country.

The trade group said in its pre-election “business manifesto” that firms want to see a cutting-edge trade and investment strategy from the next government, in order to grow UK exports, secure imports and improve investment.

Rain Newton-Smith, chief executive officer of the CBI, said: “Top of the in-tray should be sharpening the investor pitch for ‘brand Britain’ – ensuring we are at the very top of the league table when it comes to investment.

“At the same time, a focus on building momentum behind the ‘big three’ enablers across tax, planning and the labour market within the first 100 days can give firms a clear flightpath for growth.

“We want to see a new government deliver a bold pitch to investors across the globe, restore the UK’s competitiveness and double down on our climate commitments and opportunities.”

It also urged the General Election winner to deliver a net zero investment plan to help create more jobs linked to energy security and efficiency.

The CBI also highlighted a need to “unlock the power of UK regions” and align a future industrial and trade strategy with regional UK mayors.

Ms Newton-Smith added: “The UK economy has spent the last five years buffeted by a series of ‘one-off’ shocks – from the aftermath of Brexit, to Covid, to global conflict and the subsequent energy crisis.

“As a result, our economy has understandably focused more on shock absorption than on boosting growth.

“A new government of whatever colour provides an opportunity to shift gear and prioritise the long-term decisions that can deliver a decade of sustainable growth.”