Pivotal change

The UK is at a moment of pivotal change. The fundamentals of international trade, technology and global politics are all transforming.

At BDO, we are optimists and believe the UK has the talent, ideas and entrepreneurial spirit to not only weather these changes but also to thrive.

Policymakers have a role to play here. They must ensure that everything possible is being done to help create an environment where business can flourish.

There are three broad objectives we think the UK government needs to meet in order to create the right environment for economic growth.

BDO New Economy
BDO New Economy

Economic engine

Firstly, we want to see the needs of the UK’s mid-sized and entrepreneurially-spirited businesses (what we call the UK economic engine) put at the heart of the government’s economic policy. We felt that their contribution to UK revenue and job creation has been overlooked and undervalued and needs to be recognised.

Supporting ambitious and entrepreneurial businesses

Secondly, we want to see the UK economy balanced by region and sector so that we are less reliant on the South East and financial services for UK growth. Our economy in the South East and City of London is an example to the world and is rightly celebrated. How can we apply the lessons of success there to the rest of the UK?

BDO New Economy
BDO New Economy

Five policy areas

And, finally, despite the challenges that Brexit will bring, we want to ensure open and simple access to world markets and global talent.

To help meet these three objectives we believe there are five policy areas the Government should focus upon. These are:

POLICY ONE: Make business easier by simplifying tax
POLICY TWO: Create the right environment for businesses and local communities to flourish by investing in smart infrastructure.
POLICY THREE: Support business growth by tackling the UK skills gap.
POLICY FOUR: Help increase UK wealth by addressing Britain’s productivity puzzle
POLICY FIVE: Support entrepreneurs and scale-up businesses by creating new streams of patient capital

To see the detail which sits behind these policy areas please download our full report.

Get in touch

We don’t have all the answers and we’d love to hear your views.  You can get in touch with us via Twitter @BDO_UK using the hashtag #neweconomy

BDO New Economy