CBI: Government must do more to promote Britain to investors
Apr 19 2011
The CBI believes the UK’s reputation as a good place to invest is under threat
The Confederation of British Industry (CBI) has called on the government to bolster the UK’s attractiveness to investors warning that, without action, investment and jobs will be lost to other countries.
The lobbying group believes the UK’s reputation as a good place to invest is under threat, with foreign investment in the UK falling significantly during the global recession, from $186.4 billion in 2007 to $45.7 billion in 2009.
Suggested measures include the stimulation of new market activity by taking such steps as opening up public services to private provision and accelerating the transition to a low-carbon economy.
The CBI also stresses the need to keep business taxes competitive, removing the 50p tax rate as soon as the public finances allow, and developing the UK’s skills base by supporting further business-led academies and extending apprenticeships.
CBI director-general John Cridland says, ‘We want the UK to be the best place for companies to invest because this is how we will create growth and jobs. But it is worrying how many business leaders are telling us that the UK no longer holds the same attraction it once did and are questioning whether they need to be here at all.
‘With competition for international capital so fierce, the government must play up our strengths and remove the stumbling blocks to investment. Time isn’t on our side and we have less than five years to turn things around.’
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