Government urged to remove 'stumbling blocks' to investment
Wednesday, 20 April 2011 12:13
Industry leaders have called on the Government to remove the 'stumbling blocks' to investment and make the UK a more attractive place to do business.
In a new report – Making the UK the best place to invest – the Confederation of British Industry (CBI) warns that, without Government action, investment and jobs will be lost to other countries.
It claims that foreign investment in the UK fell significantly during the global recession, from $186.4bn in 2007 to $45.7bn in 2009, thus placing the UK's investment reputation at risk.
The report identifies key areas for action which the CBI says will help remove the barriers that currently restrict investment in the UK. These include the continued reduction in corporation tax rates and proposals to remove the 50p tax rate 'as soon as the public finances allow'.
The organisation also called for more apprenticeships and the introduction of a fast-track planning system.
Commenting, CBI director general John Cridland said: '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'.