On Monday, the head of an employers group said that Britain had fallen behind its peers and urged prime minister Rishi Sunak to take an immediate action to boost the investment, solve a lack of workers problem and avoid chaos over post-Brexit rules.
Tony Danker, Director General at Confederation of British Industry, admired Sunak for unraveling the mini-budget crisis last year, but opined that Britain is not matching with The U.S. and other European countries in terms of growth reforms.
He also said that Britain is behind its peers in green investments in areas such as heat pumps, insulation, building retro-fits, electric vehicle charging infrastructure and carbon capture and storage.
Jeremy Hunt, Finance Minister, is expected to announce pro-growth measures in a budget statement in March. But Danker pointed out his concerns that the government will shy away from growth reforms as an election is approaching in 2024.
Danker said the government has a plan to terminate all EU-generated rules by the end of this year and turn industry into chaos at a time that the country will also going into a recession.