Good morning everyone….
And thank you Chancellor –
I am so pleased we have been able to hear from you, despite what is proving to be quite a week for the Government.
and, I understand, a very busy day for you ahead.
It’s wonderful to be here today,
When I look around this room
I see so many brilliant businesses
The engine of the UK economy.
Companies exporting, innovating and investing.
Keeping this country moving.
And that’s where I want to start today…
Because the UK is an amazing country.
A country built on trade and commerce,
A country of immense talent,
A country with incredibly resilient and resourceful firms.
Businesses that have weathered a succession of shocks.
Businesses that have innovated and adapted to keep their balance sheets strong…
Businesses that are rooted in their communities,
connected through their Chambers,
and committed to making a difference.
And what a Chamber network we have.
The best bit of my job is travelling up and down the country, seeing the creativity, determination and entrepreneurship of our businesses…
Like Sensoteq, from Northern Ireland, which has rapidly expanded exports of its wireless monitoring equipment to more than 50 countries.
Or the Summer Berry Company, from Sussex, which has invested in cutting edge green technology, to produce British strawberries all year-round.
Or the Coventry & Warwickshire business, Blunt & Brave, which is using immersive tech and AI to help young people into work.
Very different businesses…
but so much in common.
Not just delivering growth.
But anchoring it in their communities…
It’s down to them
And to all of us
that the UK is such a globally respected business brand.
But… something… clearly… isn’t… right….
Despite all of this industry and ingenuity,
Our economy continues to stutter.
Growth of less than one percent forecast this year,
And a similar outlook for the next two.
And this economic malaise is nothing new.
Or attributable to the policies of a single government.
Outside of the pandemic rebound,
UK growth has flatlined year, after year…
So, whilst the ingredients to deliver growth are all here
Something has clearly gone wrong with the mix.
Despite all our strengths,
we are failing to fulfil our potential.
You can feel it.
Businesses can feel it.
And voters can feel it too.
And we can all see the consequences in the headlines this week.
The difficult truth is –
Whoever leads the UK
the primary challenge remains the same:
Because everything else….
Jobs, taxes,
Teachers, nurses,
Public infrastructure and social protection
It all relies first – on Economic Growth.
So, what’s going wrong?
We have the ambition, the ideas, the talent…
Why aren’t we delivering more growth as nation?
Our research gives a clear answer – it is a lack of confidence.
Weak confidence reduces appetite for risk,
Which reduces investment
Which hampers growth
Which knocks confidence further.
And this circular crisis of confidence is now shackling ambition.
Blocking the actions needed to invest, innovate and trade.
Stopping growth at inception.
So, how do we fix it?
At the BCC, we are clear:
It is business, not governments, that can deliver growth.
And whoever sits in No10, or the Treasury, needs to understand that.
But businesses can only deliver growth, if the environment they operate within gives them the confidence to act.
And that is where political leadership can make all the difference.
So, today, I’m delighted we will hear from representatives from each of the main political parties
An important first for a major business conference.
Reflecting the new reality of multi-party politics – already experienced by many Chambers on the ground.
But also, their recognition of the importance of engaging with you.
We’ve already heard from the Chancellor,
and later each of the opposition parties will share their plans for growth.
And how they will help boost business confidence.
Now- I’ll acknowledge, these are challenging times to be in politics….
There are no easy answers.
But my message today,
to all who aspire to lead us,
is this:
Many firms are already at breaking point
A cost of doing business crisis is now suppressing the very growth we want to see.
And while the global context has certainly been tough
Over the last decade policy choices have made the reality of doing business even tougher
Think about it…
Minimum wage
Employers NI
Corporation tax
Business rates
Employment rights
The Apprenticeship levy
Climate Levies
IR35 changes
Brexit
VAT thresholds
Packaging taxes
Government imposed costs to your average SME business have risen by more than 70 per cent in just 10 years.
Let that sink in…
successive UK governments have chosen to pile more and more cost on companies.
That… is no way to deliver growth.
So, if we want to see growth – our political leaders must reduce, the burdens on business
And just in case anyone is tempted….
Let… me… be… clear….
Taxing businesses more, would be a road to ruin.
The quickest way to destroy the fragile confidence that we have left.
You must back businesses, not tax them, if you want to see growth.
And great care is also needed to prevent the implementation of the Employment Rights Act, having a similar confidence crushing effect.
If imposed in full….
by the Government’s own estimate,
this package comes with a one-billion-pound price tag for business.
So, in adoption we need to find a mix that works for all.
That means coming together. Government, unions and business.
And accepting that there will need to be compromises to make this package workable.
Ensuring rights – but also employment.
Back business, and we’ll deliver growth.
The BCC has identified three key levers that will support growth delivery, and Government needs to give them laser like focus.
Global Trade
National Productivity
and
Local Investment
First — trade.
Chambers were formed over 200 years ago to help businesses trade.
We remain rooted in this mission, today.
Through our British Chamber network across the globe,
Our Trade Accelerator programme, backed by NatWest,
And the Diplomatic Advisory Hub, in partnership with the Foreign Office.
Chambers are helping businesses navigate markets, manage risk and seize opportunities.
In fact – we facilitated half a billion pounds of trade just last year.
But there is so much more to do.
Because increasing trade is the fastest way to grow our economy
In 2025, just a 2% increase to exports would have added 0.6 to GDP.
Think about that – On growth of 1% – that’s a big deal.
So, why aren’t we all more focused on it?
The answer is that there are still too many barriers to trade:
From friction at borders and changing rules,
to tariffs and protectionism,
the obstacles are formidable.
And 10 years after the Brexit vote, there is no doubt that leaving the EU has made life harder for British exporters;
54% tell us it has hampered their growth.
The government recognises this reality…
That’s why we have backed their efforts to rebuild stronger relations with the EU,
and why from the US to India, South Korea to the Gulf
we have consistently welcomed the trade deals they have secured.
at the same time however, the Government have continued to cut export support to help business make the most of these deals…
Helping businesses into new markets offers a phenomenal return on investment for the economy.
So, I urge the Government to reconsider its approach
Online information and a patchwork of support through combined authorities, is not enough if we’re serious about trade.
Back business, and we’ll deliver growth.
Our second growth lever is productivity.
Since the financial crash in 2008, improving productivity has been a continual challenge.
Held back by almost two decades of poor infrastructure investment, skills shortages and slow tech adoption.
But now, we stand at a turning point.
The rise of AI is a once-in-a-generation opportunity.
A new industrial revolution, that’s happening 100 times faster than the last one.
AI will transform how businesses operate:
How they produce.
How they serve customers.
How they innovate.
Firms that embrace it will get ahead.
Firms that don’t, will fall behind.
And just as Chambers were central to the first industrial revolution,
we will now be central to the AI revolution too.
That’s why, from Belfast to Kent, Devon to Dundee, Chambers are stepping forward to provide businesses with practical adoption support.
That’s why we have partnered with PAIR to launch an AI Academy,
ensuring you and your teams understand the ‘art of the possible’.
And that’s why I can announce today, that we will hold a major new event in December, focused on leading change in the era of AI.
But adapting to AI will not be easy for everyone.
We all worry about the young people struggling to find work today.
Already, more than a million, not in education, employment or training
In truth, the gains from AI will only translate into real growth if they sit alongside a skills system that empowers our young people,
With strong local partnerships between business and educators to deliver it.
And whilst we are still evaluating schools on Ofsted grades without a single metric on work readiness, we will never produce young people ready for the rest of their lives.
Boosting productivity doesn’t happen by accident.
It comes when businesses have both the tools and talent they need to succeed.
So, we must make people and skills central to embracing the AI opportunity.
Back business and we’ll deliver growth.
Our final lever is increased investment
Over the past decades, our levels of private and public sector investment have lagged far behind our strongest global competitors.
We have a £2 trillion investment gap versus our G7 peers.
And yet, I constantly meet businesses who want to invest in the UK.
High costs, Planning delays, and regulatory uncertainty
Have all held investment back.
And our latest economic data indicates that the proportion of firms planning to increase capital spending has dropped again.
So, unless we fundamentally change the dynamics, the situation is only going to get worse.
And here I want to give real credit to the Chancellor.
Rachel’s singular determination to unblock infrastructure has shown how politics can shift the dial on growth through investment.
From additional capacity at Heathrow and Gatwick, to Northern Powerhouse Rail, and unprecedented investment in new nuclear
we’ve be pleased to see numerous Chamber priorities get the focus they deserve.
But getting infrastructure projects off the ground is only half the battle.
We also need to ensure that the benefits of this investment are felt by businesses in the regions where they are delivered.
That’s why today, the BCC is announcing a new initiative:
The Great British Supply Chain.
To maximise the benefit of the government’s £400bn procurement spend, we will deploy Chamber expertise to source, prepare and maintain locally rooted supply networks for major projects.
Unlocking billions of pounds of regional economic growth and increasing its multiplier effect by embedding more SMEs into delivery.
And we know it can work.
In the East of England, Suffolk Chamber has already helped unlock £1.4bn worth of contracts for local businesses, supporting the Sizewell C project.
You will hear more of this later.
And imagine the benefits if we can repeat that success nationwide.
So today – I make a public invitation to both Government and major firms in the infrastructure, defence and energy sectors…
Let’s work together to make Great British Supply Chain a driver of growth.
Because growth comes when businesses feel confident to act.
So, let’s focus on investment and unlock UK supply chains to invigorate local economies…
Back business, and we’ll deliver growth.
Five years characterised by what can only be described as instability.
From economic shocks.
Trade wars
And political upheaval.
(Am I really just about to tick off my fifth Prime Minister?!)
And whilst there is no doubt that this instability has held growth back…
At the centre of it all – business stands out as a rock of stability
And it is the ambition, resilience and dynamism of British business that I see everyday, that inspires me and gives me the confidence that growth is possible.
if we can only get the mix right.
And we at the Chambers will readily play our role.
Because we are the network that translates national ambition into local action.
The infrastructure of growth.
The people on the ground,
Working with firms, day in and day out….
Sharing knowledge, making connections,
and helping business trade, innovate and invest.
So let me finish with this…
The UK does not lack talent.
It does not lack ambition.
It does not lack success stories.
Here you are….
The question is not therefore if growth is possible.
It is whether we can create the conditions for more firms to follow your path.
Because the UK’s growth challenge will not be solved by one conference
Or one Budget.
It will be solved when many more firms have the confidence to fulfil their potential.
So, let’s change the approach.
Lift the burdens on business
Pull the levers of trade, productivity and investment.
Work in partnership…to turbocharge this talent.
Boost confidence…
Unlock action…
Back business, to deliver growth.
Thank you