Business leaders have warned Rishi Sunak to draw up a long-term plan to boost economic growth and stop investors fleeing Britain, Chris Price reported for The Telegraph.
Photo Insert: It hasn't been an easy few months for British Prime Minister Rishi Sunak.
As pressure mounts on the prime minister to cut taxes, Tesco chairman John Allan said the only way to raise living standards was with a “really serious, thought-through, long-term growth plan.”
Siemens, which employs 10,000 people in the UK, said the company would be more likely to invest if the UK's growth prospects improved. Matthias Rebellius, a member of the German industrial giant's managing board, agreed it was important to focus on long-term growth, as he warned that the current approach to attracting investment was too sprawling.
Asked if the UK was currently a good place to invest, he told The Telegraph: “I would say it could be better.”
He added: “We will stay in the UK. We will keep our workforce. We will continue to invest. Is it the best possible business environment at the moment? It's not. I think the UK Government didn't have any alternatives in raising taxes to fill the holes. And we do see this as a corporate good citizen. But now going forward, together with the Government, we have to find solutions on how to do it smarter. It's our responsibility as a company to create opportunities. But we do hope that the situation will ease in new terms.”