Senior UK politicians talk at Confederation of British Industry conference
Monday, November 21, 2016
UK Prime Minister Theresa May and opposition leader Jeremy Corbyn both spoke at the annual Confederation of British Industry conference today, talking about Britain after its planned 'Brexit' from the European Union, and future plans for business.
May formally announced plans to cut corporation tax from 20%, without giving details, in order to discourage businesses from leaving the UK post-Brexit. Corbyn said in his speech he believes investment by the government on things such as infrastructure improvements is shared ground between Labour and businesses but "businesses will need to contribute" meaning "some increase in corporation tax" under his administration.
Theresa May also toned down plans to put ordinary workers on corporate boards, a campaign promise from running to become leader of the ruling Conservative Party. She said she is working to create a "model that works for everyone" after consulting firms and the general public, with possible plans including panels or advisory committees. The General Secretary of the Trades Union Congress responded by saying "Theresa May made a clear promise to have workers represented on company boards [...] This is not the way to show that you want to govern for ordinary working people." Jeremy Corbyn also criticised this announcement saying "we need to see genuine employee representation at board level, which the prime minister promised, but I see is already backing away from."
Theresa May also announced she wishes to spend £2Bn annually in research and development, as well as plans to start a small business research initiative to look into helping innovators get ahead. Jeremy Corbyn however said he plans to spend 3% of the UK's GDP on R&D, significantly more than specified by May.
Jeremy Corbyn's plans for the UK's economy focussed on investment. Speaking at the conference he said "First and foremost, a Labour government will prioritise investing in our economy." As well as the investment in research, Corbyn also promised funds for areas including house building and infrastructure. This would be controlled by the proposed "National Investment Bank". Corbyn said "Our National Investment Bank will deliver long term strategic investment in our under-powered infrastructure and provide the patient finance that our businesses need across the country."
May told the conference she would not give "a running commentary on every twist and turn" of the Brexit negotiations. This comes after allegation in the press that she she has no plan to keep under wraps, a claim that has been backed up by an alleged leaked internal government memo that talks about a "lack of overall negotiation strategy" within government.
- "Britain votes to leave the European Union" — Wikinews, June 25, 2016
- "Lord Howard and Alistair Darling address Confederation of British Industry on EU referendum" — Wikinews, May 21, 2016
- "Theresa May bids to reassure business on Brexit 'cliff-edge'" — BBC News Online, November 21, 2016
- Andrew Sparrow. "Jeremy Corbyn speaks to the CBI - Politics live" — The Guardian, November 21, 2016
- Jon Craig. "PM promises businesses tax cut but cools on workers on boards plan" — Sky News, November 21, 2016
- Arj Singh. "Theresa May still has no plan for Brexit, leaked document reveals" — The Independent, November 15, 2016