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CBI calls for Cobra-style emergency committee for economics

CBI calls for Cobra-style emergency committee for economics

The CBI has called on the government to take seven steps this summer to prevent a full-scale recession. The UK's largest business

CBI calls for Cobra-style emergency committee for economics
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The CBI has called on the government to take seven steps this summer to prevent a full-scale recession.

The UK’s largest business group predicts stagnant growth as consumer confidence declines and inflation continues to soar. This has reduced its GDP growth outlook for 2022 to 3.7 percent – down from 5.1 percent. The growth outlook for 2023 has dropped to 1 percent, up from 3 percent previously.

CBI Director-General Tony Danker criticized the government’s focus and warned that if the focus was not on the economy instead of debates on ideology and leadership, the UK could enter a “very lively” recession. .

He told the Sunday Times that the prime minister and cabinet should tackle the economy “as they did Covid” and co-chair Cobra-style emergency planning meetings.

The seven actions that the SBI is calling for before the autumn budget are:

  1. A full commitment to a permanent successor to the super-deduction
  2. Cut approval times for new offshore wind farms from four years to one year
  3. Calls for immediate talks to resolve Northern Ireland Protocol deadlock and finalize Brexit
  4. Act as a broker between railway companies and trade unions to avoid summer strikes
  5. Announces a permanent replacement of the recovery scheme to support cash flow
  6. “Become real” about industry shortages over labor shortages
  7. Add immediate flexibility to the apprenticeship levy for one year so that all employers can use their levy funds to address labor shortages

Danker said: “Let me make it clear – we expect the economy to be fairly stagnant. It will not take much for us to fall into a recession. And even if we do not, it will feel like one to too many people.

“It is as clear as day that business investment is one of the few bright spots in our economy. The super-deduction is one of the only reasons we have averted the threat of recession for now – there must be a permanent successor.

“There is only a small window until rest time. Lack of this summer would stagnate a stagnant economy in 2023, with recession a very lively concern.

“We must act now to establish trust. It can not wait any longer. “

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