UK (Parliament Politic Magazine) – The Prime Minister has recently appointed a new business council to provide valuable insights from the forefront of the business world, as the Government strives to enhance stability and foster growth in the UK economy.
This esteemed council comprises fourteen distinguished business leaders, including Chief Executives from renowned companies such as AstraZeneca, NatWest Group, and BAE Systems.
Additionally, esteemed representatives from SSE, Google Deepmind, Sainsbury’s, and Vodafone have also been invited to join this influential group. The council further boasts the presence of esteemed companies like GSK, Aviva, Shell, Sage, Taylor Wimpey, Diageo, and Barclays.
Major Business Leaders Join PMs New Business Council To Boost Economic Growth
By assembling this diverse and accomplished group of industry leaders, the Prime Minister aims to tap into their wealth of expertise and experience. Their collective insights will undoubtedly prove invaluable in shaping effective strategies to bolster the stability and growth of the UK economy.
These leaders are recognized as trusted experts in their respective fields and are responsible for overseeing some of the largest employers in strategically important industries for UK growth. These industries include construction, life sciences, technology, financial services, and energy.
Collectively, these leaders employ approximately 330,000 individuals across the country. Furthermore, their influence extends even further through their supply chains and global presence.
Inflation Is Expected To Reduce In The UK Thanks To The Efforts Made By The Government
Thanks to the Government’s strategic plans, the UK economy is poised for growth instead of plunging into a recession, and inflation is anticipated to significantly decrease by year-end.
It is imperative to establish the UK as the premier global destination for conducting business, both presently and in the long run, in order to sustain the ongoing economic progress.
The recently established Business Council will serve as a platform for providing a practical outlook on how the prevailing economic conditions are affecting businesses. It will facilitate collaboration between the government and industry to enhance investment and innovation, foster productivity, and generate highly skilled employment opportunities.
Read More: UK Businesses Invited By China To Invest in Shanghai
The Council Is All Set To Meet on 18th July In Downing Street
The Council is scheduled to convene today (18 July) at Downing Street, under the leadership of the Prime Minister. Following the meeting, a reception will be held to honor approximately 100 businesses, celebrating their contribution to British enterprise.
The United Kingdom presents itself as a welcoming and enticing destination for investment, boasting a competitive business environment that fosters growth. This achievement is primarily attributed to the implementation of policies such as full expensing, which effectively reduces corporation tax by £9 billion annually for UK businesses.
Additionally, the UK maintains the lowest corporation tax rate among G7 nations, while simultaneously streamlining bureaucratic processes and allocating substantial government funding, particularly in research and development. These efforts have not gone unnoticed, as evidenced by EY’s global attractiveness survey of CEOs, which ranks the UK as the most appealing investment location in Europe.
Rishi Sunak Calls on 14 Bosses To Join Business Advisory Council
The guest list for Tuesday’s event consists solely of the largest companies in the UK. This has raised concerns that were brought to the attention of Number 10 prior to the announcement, according to an individual familiar with the discussion.
Among the attendees are the CEOs of nine out of the 30 most valuable companies listed in the UK. Notably, Google DeepMind, a British subsidiary of the US search engine giant specializing in artificial intelligence, is the only non-FTSE 100 company represented on the council.
However, Craig Beaumont, the Chief of External Affairs at the Federation of Small Businesses, expressed his concerns, stating, “Granting access to only a select few FTSE 100 corporations should not come at the expense of the 99 percent of UK businesses that are deeply rooted in local communities and on our high streets.”
“The addition of the requirement for the 14 council members is that they must demonstrate, at the very least, their ability to make timely payments to their small business suppliers,” he emphasized.
Furthermore, it is important to note that the council will convene biannually, with a planned membership renewal at the conclusion of 2023, coinciding with the approaching election season.