IoD urges regional focus in business manifesto
A blitz of investment incentives and a focus on turbocharging regional growth should be at the heart of the next government’s priorities, a leading business group has urged this morning.
The Institute of Directors (IoD) has called for regions to be given their own funding pots and cabinet meetings as part of a wider decentralisation aimed at addressing economic imbalances across the UK.
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Moves to shore up confidence and kick-start productivity growth were also flagged by the IoD, which has set out its business manifesto as the political parties battle it out ahead of the 12 December election.
Among the group’s recommendations is the introduction of business rates holidays for firms investing in their organisations, alongside a simplification of the tax system, and a pause to the introduction of major new regulations such as IR35.
“Parties have signalled their intention to spend big in the years ahead, but there’s no point filling the tank with fuel if the engine still needs a service,” said Tej Parikh, chief economist at the IoD.
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Parikh added: “From backing start-ups and scale-ups, to speeding up full-fibre broadband delivery and strengthening the links between universities and SMEs, there’s no shortage of steps government can and should take to put our economy on the front foot and reinvigorate the regions.”
The IoD also called on the next government to develop long-term funding pots like ‘urban wealth funds’, conduct ‘regional Cabinet meetings’ and create a regional taskforce to monitor vulnerable areas.