ECONOMIC policy must not be made by sound-bite, Confederation of British Industry (CBI) president, Sir Mike Rake, warned UK politicians last night.
Speaking at the Lord Mayor’s Trade and Industry Dinner at the Mansion House, Rake said: “As the UK economic situation has improved, the political risks have increased.”
Sounding a warning about the fears business has over a potential EU referendum Rake said: “The political debate about the UK’s place in the world continues to cause uncertainty for business.” He also warned: “the reality is that the challenges facing our country are complex and are not going to be solved by sound-bite solutions.”
Rake offered some solutions. He said devolution could be good for growth, but said “it is critical that any new powers preserve the integrity of our internal market which is a magnet for foreign investment across the whole of the UK.
“We have seen how reductions in corporation tax helped the UK become the number one destination for foreign direct investment in Europe.”