Global Britain commission calls for shake-up between business and government to shorten recession and deliver global Britain
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The Global Britain Commission has released its latest report,
making key recommendations on how Global Britain can be realised if
action is taken now. Focusing on areas central to boosting UK
growth including connectivity, trade, competition and talent, the
latest report urges the Government to restructure and reset how
they work with businesses during a recessionary period where
economic opportunities need to be better understood and leveraged.
At the heart of the latest...Request free trial
The Global Britain Commission has released its latest report, making key recommendations on how Global Britain can be realised if action is taken now. Focusing on areas central to boosting UK growth including connectivity, trade, competition and talent, the latest report urges the Government to restructure and reset how they work with businesses during a recessionary period where economic opportunities need to be better understood and leveraged. At the heart of the latest report, Commissioners are calling for the Department of Business, Energy & Industrial Strategy and Department for International Trade to be merged, creating a standalone department focused on the energy sector and crisis. With the newly created economic and business nerve centre, Ministers will be able to maximise investment opportunities and ensure exports are at the heart of any Global Britain. The Commission also recommends further structural changes including the establishment of a Global Britain advisory council, House of Commons Select Committee on Economic Growth, a secondment system between businesses and Civil Servants and the appointment of Business Advisors into every Secretary of State’s office. The latest report warns that failure to act now will see Global Britain’s global status decline. A far cry from the expectations of ‘Global Britain’. Evidence already suggests the UK is losing its edge as a top destination for FDI in Europe, with recent analysis suggesting we are second, behind France. The UK’s ability for fast and efficient exporting is also significantly hampered at airports with UK cargo taking up to four hours vs Dubai’s 45 minute per airside transhipment. The report highlights businesses’ access to export markets remains crucial to the UK’s competitive advantage. Whilst the UK is the 6th largest exporter globally, this success is propped up by a very small percentage of businesses. The Commission is also calling on Government to meaningfully break down exporting barriers for smaller businesses by introducing an export tax credit, based on the existing and successful R&D tax credits schemes. With the Government’s own estimations suggesting up to 2 million businesses could be exporting but aren’t proves greater and more urgent support is needed to help turn the UK’s exporting fortunes around, shortening the length of the current economic downturn. Less than one per cent of UK businesses are large (employing over 250 people) meaning that more targeted and relevant help is needed for the 99% of SMEs who want to break onto a global stage. One critical shot in the arm for those businesses should come in the form of an export tax credit which incentivises businesses to export. The Global Britain Commission urges the Government to introduce this urgently as the cost of living crisis and additional pressures on businesses are likely to stall or even shelve financial investments. Rt Hon Dr Liam Fox, Chair of the Commission commented: “What was most extraordinary in the development of the latest report is the number of businesses in the UK who could be exporting but aren’t. The problems are age old but our report offers a number of recommendations to help solve them.
“We need to consider all options – possible financial
incentives, greater market intelligence and more of our network
based abroad. Our competitors are much more aggressive in helping
their businesses penetrate oversea’s markets. We need to be top
of that league.” Commissioner John Holland-Kaye, CEO of Heathrow said: “The Government has a real opportunity to unlock economic growth by further supporting the UK’s thriving exporters. We can deliver on our ambitions of a Global Britain together if we make it easier for companies to access the market and remove some of the legacy procedures that make our cargo processing less competitive on a global stage. The Commissioners’ recommendations spell out how we can prevent others from overtaking the UK’s hard fought rankings on exports, competitiveness and connectivity, and ensure we don’t let these opportunities for growth slip away.” The latest report will be delivered to Government and Ministers in coming weeks but the call for today is act now, before it is too late. NOTES TO EDITORS ABOUT THE GLOBAL BRITAIN COMMISSION The Global Britain Commission brings together some of the UK’s most forward-thinking and outward-looking businesses with a mission to help define, shape and make a success of ‘Global Britain’. List of Commissioners:
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