Connect with us

Hi, what are you looking for?

Investing

We must not repeat mistakes made after financial crisis, says CBI chief

Tom Danker

Business leaders and policymakers must avoid repeating the mistakes of the financial crisis as they steer the country’s economic recovery, the CBI’s new director-general has warned.

Tony Danker said that plans needed to address chronic problems affecting the economy, such as weak business investment, regional inequality and poor productivity growth.

“It may seem that to talk now of the decade ahead is misplaced, but I think it’s what the crisis demands,” he said at an event organised by Bloomberg. “Build back better is easy to say, but much harder to do. It needs a vision, a plan and a consensus as a nation to pursue it. I don’t think we did that after 2008.”

Pointing to figures that showed productivity in London was almost a third higher than the UK average, and more than 50 per cent higher than in the Yorkshire and Humber region, he said: “We stabilised the economic system immediately [after the financial crisis]. Then we stabilised the public finances and we achieved modest economic growth. But our productivity growth flatlined and our society divided rather than united.”

The government has said that levelling up opportunity and prosperity nationwide is a key priority. However, Danker said that the approach was focused too much on public sector investment.

“There is little yet in place to tackle the business sector competitiveness of our regions,” he said, adding that there needed to be a greater focus on driving investment in research, development and innovation as well as working out ways to improve adoption among businesses.

Danker joined the CBI in November, taking over from Dame Carolyn Fairbairn, who stepped down after five years in the role. Previously he was head of Be the Business, the not-for-profit movement set up by Sir Charlie Mayfield, the former John Lewis Partnership chairman, where he looked at Britain’s poor record on productivity in comparison with European countries, such as France and Germany.

He said that his past experiences had given him reasons to be optimistic about the outlook for the economy: “I am a total believer. I share the prime minister’s enthusiasm for what lies ahead.

“We have perhaps the best financial services cluster in the world and have shown our leadership in global science and life science industries. We also have a strong competitive edge in professional services and our creative industries are the envy of the world. The future is filled with prizes for those who reach for them.”

He called on the business community to work closely with policymakers to ensure that Britain emerged from the pandemic stronger. “For me, the CBI, and every business leader I speak to — we’re clear that our job in the coming weeks is to support the country in beating this virus and getting business back on its feet.”

Read more:
We must not repeat mistakes made after financial crisis, says CBI chief

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Another Olympic gold medal for the Philippines is within reach after featherweight boxer Nesthy A. Petecio secured a spot in the finals at the...

Economy

Filipino flyweight boxer Carlo Paalam advanced to the quarterfinals of the flyweight division in the Tokyo Olympic Games after he defeated Mohamed Flissi of...

Economy

Filipino pole vaulter Ernest John Obiena advanced to the final round of the men’s event in the Tokyo Olympic Games after finishing among the...

Economy

Manila and nearby cities would go back to the strictest lockdown level from Aug. 6 to 20 amid a fresh surge in coronavirus infections...

Economy

The Philippine central bank will keep a supportive monetary policy amid a slower-than-anticipated economic recovery, its governor said on Friday.  “High-frequency indicators suggest that...

Economy

The Philippine central bank raised P100 billion on Friday as it fully awarded its short-term securities, with yields rising due to concerns about a...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!