25 Sep 2023
Business group the Institute of Directors (IoD) has outlined its top five policy recommendations to help spur sustainable economic growth.
The IoD wrote to Chancellor Jeremy Hunt ahead of the upcoming 2023 Autumn Statement on 22 November. In the letter, the business group set out its key policy recommendations, which include stronger incentives for SME net-zero transition; permanent 100% capital expensing; and an export target based on volumes and the proportion of companies that export.
It also advocates for tax credits for companies that train employees to meet national skills shortages and urges for greater reputational pressure to be put on large firms that are slow to pay invoices.
Jonathan Geldart, Director General of the IoD, said: 'There has long been a debate around the need to raise productivity in the 'long tail of British industry'. There is therefore much to be gained by thinking of interventions that shape the broader economy rather than focusing exclusively on segments that are already market-leading, important though those are.
'Over half of our members do not identify as being in one of the government's five current 'priority' sectors, yet their activities are no less significant to our national prosperity.
'Regardless of size or sector, 88% of our members want to see an industrial strategy that defines long-term objectives for business in terms of priorities and policies.'