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The CBI has responded to a speech by Jeremy Corbyn, the Leader of the Opposition, at its Annual Conference.

Carolyn Fairbairn, CBI Director-General, said:

“We welcome the emphasis that the Leader of the Opposition places on the key role business has to play in creating an economy that allows everyone to share in prosperity. Events this year have shown all too clearly that business and Government need to work together on building an economy that is both competitive and inclusive.

“He is right to highlight that a regional focus within industrial strategy, underpinned by investment in innovation and infrastructure, will be vital to increasing living standards across all parts of the UK. All efforts must be made to improve business competitiveness without adding further cost complexity.

“The CBI is committed to working with politicians of all parties to make the best of Brexit. Businesses are clear that maintaining tariff and barrier-free access to the Single Market will be vital for their future success.

“Small businesses need access to a diverse range of funding, and the British Business Bank is already having a positive impact in this area, so any new sources of finance would need to build on existing efforts.

“Education and skills are the bedrock of productivity growth, so businesses will welcome innovative approaches to building capacity that will help to mitigate skills shortages.

“Fair wages are a vital part of a fair and prosperous society, and the independent Low Pay Commission is well positioned to ensure future rises do not come at the expense of people’s jobs. The vast majority of businesses are committed to eliminating poor practices, though this should not be confused with certain types of contracts which allow the flexibility many workers value.”

View full coverage of the CBI Annual Conference.