The UK must act quickly to spur green investment, or risk losing jobs and wealth in the future, the CEO of the Business Leaders Lobby has warned.
Tony Dunker, CEO of the Confederation of British Industries (CBI), said the country is in danger of being sent from “Europe, Asia and the US…to hell for green growth lessons.”
Dunker warned that the government must make “important decisions” to stimulate the economy.
He praised the Prime Minister for restoring confidence in the UK economy after the mini-budget crisis and said the UK must respond to subsidies for green investment in the US and the European Union.
The CBI estimates that by 2030 UK companies will lose £4.3bn of their European market share to competitors. “Now we are behind them and it looks like we are hoping for the best,” he said. “We just effectively crossed over and caught up with green growth,” he said.
The US is offering $370bn (£299bn) to support energy and climate projects, while the EU has announced it will support €300bn (£264bn) worth of renewable energy programs.
Mr Dunker said the UK cannot compete at the level of these grants but needs a more targeted approach.
“The Prime Minister outlined what it takes to transform our economy less than a year ago. There are ideas. It is time for us to make these difficult decisions to create the momentum to move forward, not only to ease the recession this year, but for real growth next year.”
He called for reform of the system of allowances and childcare benefits that prevent parents from returning to work.
The government’s proposed bonfire of bureaucratic bureaucracy, which has swept aside laws and regulations made during Britain’s membership of the European Union, has also created “serious uncertainty for British business”.
Divergence must be done wisely, when necessary, and when government and industry are ready for bold and concerted action, he said.
He also called for a “bold” migration policy to address labor shortages. “It’s a very, very simple system. We say what skills the country needs? What skills do we have inside? Let’s use migration for those skills that we don’t have at home,” he said.
He added that temporary or temporary visas for workers arriving from abroad would be a solution that the public can understand.
Source: I News
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