UK economy ‘headed for worst of all worlds’, CBI tells Rachel Reeves after Budget fiasco

https://www.lbc.co.uk/news/uk-economy-headed-for-worst-of-all-worlds-cbi-tells-rachel-reeves-after-budget-f/

Posted by tkyjonathan

24 comments

  1. Wow I’m so shocked. A country that makes nothing of value and taxes you to hell for everything??? Also love that we over spend in one City because without it and all the money laundering the UK’s precious 6th largest economy gets exposed as a paper tiger.

  3. If not for Tory cronyism we’d not have needed a tough budget. Labour was screwed from the get go but they’re at least ready to take those difficult steps.

    I think it’s a case of short term pain for long term gain except once things start turning around labour will likely lose the next general election.

  4. Just do Planning Reforms lol

    Hurry up and get it pushed through on a 3 line whip. We cannot afford to wait. Open the Greenbelt to investors, set up the 32 fast-track housebuilding apprentice hubs, become a YIMBY state, and all will fix itself.

  5. UK is done for no matter what party sit at the steering wheel.

    We make nothing and all the economy is centralised around London. It feels like a deprived 3rd world shithole where I live.

  6. Can someone explain to me why this is true when we still have one of the highest GDP per capita and the 6th largest economy in the world?

    I don’t really trust these institutions particularly when they seem to be funded by banks. Am I missing something because it sounds more like scaremongering propaganda.

    Can someone ELI5?

  10. We have no manufacturing base, an overly concentrated financial services hub that’s lost out to Brexit, severely underinvested national infrastructure, awful labour productivity

    We need more of a risk-on, entrepreneurial culture to turbocharge growth

    Couple of potential remedies (no particular order, not exhaustive) – open to views:

    – Make STEM degrees free / heavily subsidised
    – Unleash pension fund investment into riskier asset classes (e.g. venture capital)
    – Invest heavily in AI (venture funding, education etc.)
    – Infrastructure investment (high speed rail, better / wider motorways, gigabit internet everywhere)
    – Double down on sectors where we outperform (services, film production, games, high-end manufacturing – grow this, life sciences)
    – Undo this ridiculous Labour increase to employer NI contribution
    – Smarter points based immigration system that will focus on letting in immigrants that will add value, whether in low-end or high-end jobs (as we need both)
    – Create a viable alternative to higher education through a Germany-style apprenticeship model

    And all of this should be geographically distributed so that we create a second city hub, perhaps Manchester

    Our wonderful country has so much potential – let’s unleash it!

  11. Lets all just complain on the internet. That’ll show em’.

  12. Wow you mean raising taxes in an attempt to tax your way to economic growth doesn’t work…..who knew 😒 if only history, economists and anyone with an iq in double digits had shown or said it was a bad idea 🤔

  16. Mouthpiece for wealthy corporations and tax evaders pushes narrative that their clients paying a fraction more tax is bad!

    Zzzzzzzzzz.

  17. You mean we can’t just sell the same houses to each other at ever increasing prices forever?!?!

    What?!?

  18. UK economy will be wonderful if the billionaires pay some tax. Pay up or get out. If they leave, they forfeit all property they own. Go be a selfish arsehole elsewhere.

  20. Who’d of thought it? Millions sticking to benefits because it’s a better lifestyle than working full time and having to pay rent bills etc. you can be independent on minimum wage and scrape a living or just do fuck all and have the same existence with everything paid for you.

    For someone with a choice of paying rent, bills, etc working full time at Tesco, or have a similar existence with zero obligations or worries about paying rent, why choose the former?

    This is late stage capitalism at its finest, and the US is the last bubble waiting to pop.

  21. Still better than what the torys or reform might do.

  22. The UK is just spineless. All we do is follow the US into doom “like the rest” and about to be held hostage to foreign agents.
    Musk is going to bankroll Farage and we will be headed for more madness.

    Say what you want about Americans, at least they have some fight. But the UK?
    What are we going to do? Write a strong worded letter?😂

  23. The UK is in the same boat as Canada. Short sighted planning by politicians looking for quick fixes. Leaders who sell out to big corporations in favour of exploiting foreign workers to bolster GDP. No one wins in the end and then they all shake their heads wondering how they arrived in the current state of affairs.

  24. I have the answer… bring in more immigrants to keep the gdp going!

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