WIREDGOV

The Prime Minister began by welcoming new members of the 2024 Business Council and said he was determined to continue his work to make the UK the best place to start, grow, and invest in businesses.

He explained how – in the face of geopolitical headwinds – the economy has turned a corner and is moving in the right direction. He noted that inflation has more than halved from 11.1% to 4%, mortgage rates are coming down, and the economy is forecast to grow. 

The new Council, with members including FTSE and SME companies from across the UK, discussed the impact of the current macroeconomic climate on business operations. Members noted the impact of global factors on business – such as the war in Ukraine and recent attacks in the Red Sea – but pointed to positive indicators, such as customers feeling the benefit of tax cuts on their expendable income, and optimism about longer term growth.

The discussion went on to explore how the UK Government can best support growth and innovation across the economy, discussing the success of full expensing – which is the biggest business tax cut in modern British history. Members were positive about the UK’s strong consumer confidence, which is at a 2-year high. The Council discussed how cuts to National Insurance will boost spending power, which is likely to improve confidence further. 

The Prime Minister closed the meeting by thanking attendees for their time and encouraged them to feed in their views and ideas so the Government can continue supporting businesses to invest and grow, boosting the economy and delivering opportunities across the UK for British people.