A major reset of the CBI’s approach to industry and the economy will be unveiled by its new chief executive Tony Danker on May 17 as he puts his stamp on the employers’ organisation.
Danker believes the CBI and some of its senior members became too political during Britain’s transition out of the EU and didn’t focus enough on the challenges that smaller and medium-sized enterprises would face after Brexit.
The paper being prepared, titled ‘Seize the Day’, will argue that Britain has a once in a generation chance post-Brexit and the pandemic to set a new course for the economy. It follows a consultation with 400 enterprises, and conversations with government and leading economists.
New direction: Tony Danker argues that the objective must be to make ‘every UK nation and region globally competitive’
Danker argues that the objective must be to make ‘every UK nation and region globally competitive’. But levelling up cannot be achieved by government alone. It will require a skills revolution and focus on making Britain a carbon-free economy.
The CBI chief believes that a lack of investment and focus already means that the UK has sold the pass on electric cars and will be playing catchup. The idea that one £2.6billion battery gigafactory in Northumberland could somehow power Britain into a leading role in the electric vehicle (EV) revolution is a fantasy.
He wants Britain to focus on areas where the nation’s technological edge in meeting the climate change agenda could allow it to take a global role. In particular Britain is seen as having advantages in driving a hydrogen power revolution and in carbon capture.
The new CBI chief wants to align its industrial and investment goals with those of government. Danker has been holding regular sessions with Business Secretary Kwasi Kwarteng and the Chancellor Rishi Sunak and has taken its new ideas to the Prime Minister. It has also consulted with economists.
The CBI is encouraging the Government to steer clear of a regulatory revolution in favour of enforcing existing regulatory structures.
It also wants to support Mr Sunak’s agenda of promoting UK unicorns – tech companies valued at £1billion or more – and to get more strongly behind the life sciences industry. In particular it wants to see the NHS become far more open to testing and adopting new medicines and drugs.
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