Following the appointment of Andy Burnham as the new UK prime minister, the Chartered Institute of Management Accountants (CIMA) has urged the government to make business growth central to its policy reset.
The body is calling for fast reform of tax and skills policy to cut the cost of doing business, support investment and provide companies with greater certainty to plan and expand.
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CIMA CEO Andrew Harding said: “The new prime minister has an immediate opportunity to reset the relationship with business.
“That must start with tax and skills reform. Businesses need a competitive tax system and access to workforce training support that rewards investment, employment and growth.
“We are asking government to reduce the cost of doing business, give companies long-term certainty and unlock the skills needed to drive productivity across the UK.”
CIMA has outlined a set of key measures it wants the new administration to adopt.
On tax, it is calling for a rolling five-year business tax road map, covering business rates, capital allowances, corporation tax, employer taxes, research and development reliefs and VAT.
It also wants the cost of employment reduced through lower employment-related taxes and action on fiscal drag, so that companies feel more able to hire, train and retain staff.
CIMA is asking for a review of tax thresholds, VAT rules and marginal rates that may discourage small and medium-sized enterprises from scaling up or individuals from taking on additional work.
On skills, the body is urging the government to widen access to lifelong learning, protect Level 7 apprenticeships and introduce what it describes as a practical right to retrain.
It is also calling for measures to support regional productivity, including employer-led Productivity & Skills Hubs and devolved skills planning within a clear national framework.
To help smaller businesses grow, CIMA wants the Growth Accelerator Scheme to be reinstated and modernised, alongside an expanded Business Growth Service offering coaching, mentoring and specialist advice to scaling businesses.
Harding continued: “The government has a clear opportunity to address skills shortages and support retraining of employees with a plan for lifelong learning.
“Without decisive action, the UK is overlooking existing talent and risks falling behind in developing the workforce needed to support business growth and economic resilience.”
