The report calls for a renewed focus on delivery by improving the competitiveness of the UK’s business environment and strengthening supply chains.
Cridland says, the gathering momentum of recovery must not distract from tackling “profound economic imbalances which built up during the boom years”, with the UK being “at a commercial tipping point”.
Action needed to be taken to further improve UK competitiveness, strengthening supply chains and “raising the bar on implementation by both business and government”.
The new CBI research revealed that:
* 51% of businesses surveyed are confident UK business conditions will improve in the next five years while 48% are not confident
* The UK trails behind its competitors, performing relatively poorly on infrastructure, access to finance, education and skills, regulation, and percentage of GDP spent on research and development
* 60% of businesses surveyed are still unclear about what the UK’s industrial strategy is hoping to achieve
* 63% of businesses surveyed think government funding and policy doesn’t strategically support the UK’s competitive advantages.
The CBI is calling for:
* Improved understanding of supply chains in key sectors through for example supply chain mapping
* Increased awareness of initiatives to support supply chains such as the Advanced Manufacturing Supply Chain Initiative. The Government should commit to and expand this initiative beyond the next round, into the next Parliament
* Action to incentivise supply chain collaboration, encouraging large companies to work with their suppliers on access to finance, skills and exporting, as well as collaboration between suppliers.
The report highlights aerospace, automotive, offshore wind and nuclear energy as key sectors where action to strengthen supply chains could deliver long-term growth opportunities.
This material is protected by copyright Ken Hurst 2013.