CBI’s Message for Tory leadership contenders

Carolyn Fairbairn, the Director-General of the CBI, has written an open letter to Conservative leadership candidates. Writing on behalf of 190,000 firms, she highlighted frustrations over Brexit and said “the last few years have been tough”.

Ms Fairbairn urged the next party leader to champion business and “work with us in a new era of partnership to build a post-Brexit Britain that is both prosperous and fair”.

Setting out three goals, she said: “The UK has so many strengths. Working together we can approach the future with confidence and optimism.”

The three goals include:

1.Setting up Britain for sustained success. The Director General said: “Brand Britain is a powerful calling card. But ongoing uncertainty has raised questions about our stability, and not solely because of Brexit. threats of renationalisation, continued doubts over vital projects like Heathrow, HS2 and Northern Powerhouse Rail, and unreformed business rates are just a few of the other challenges that make investors think twice. It’s time to restore the UK’s reputation as the stable and trusted country to start and grow a business.”

2.Building a bold and compelling vision for the UK’s future on the world stage. Ms Fairbairn said: “Lift the modern industrial strategy from textbook to reality, so it unlocks the animal spirits of enterprise. Make it long term and cross-party. Don’t allow it to be torn up every time there’s a change at the top. Ensure every policy and business investment is targeted at the same goals, whether tackling climate change, equipping our young people for the future, or reducing the blight of regional inequality.”

3.Back efforts to demonstrate that good business is good for society, that profit and purpose go hand in hand. The CBI said: “Business knows it needs to work harder to show it’s a problem solver, not a problem to be solved. But there’s proof all around us. Building on the example of leading firms, more are making bold changes to improve employee engagement and ownership.”

Ms Fairbairn told the leadership contenders: “These are just three of the opportunities we can seize to show how post-Brexit Britain will be a great place to live, work and run a business. But the next Prime Minister can only claim the Conservatives are the party of business if they secure a Brexit deal that protects the economy, jobs and living standards.

“We need compromise, consensus and honesty to resolve the Brexit impasse, quickly. Prolonged uncertainty is damaging our economy now – driving up costs and reducing sales. Stockpiling of raw materials and goods among SMEs is at a record high. Billions of pounds in investment are being diverted from the economy, harming future jobs and prosperity.”