IoD: A Manifesto for Business

Ahead of the forthcoming General Election, the Institute of Directors has launched its Manifesto for Business – A Policy Roadmap for the next UK Government.

The Manifesto puts forward policy recommendations relating to key areas of concern for IoD members. These include the UK’s growth and productivity outlook, skills shortages, the net zero transition, exporting challenges and the UK corporate governance framework.

Key measures proposed by the IoD include:

An industrial strategy to provide a more stable and predictable framework for business investment.

  • An independent skills shortages agency to assess the UK’s current and future skills needs.
  • Using corporation tax to provide a financial incentive for companies to invest in skills shortage areas and the achievement of net zero.
  • Reform of the Companies Act to reflect the key role that directors play in modern society.
  • Enhanced training for directors about to take up their first role on the boards of major companies.

Commenting on the Manifesto, Jonathan Geldart, Director General of the Institute of Directors, said:

“Since its formation in 1903, the Institute of Directors has been at the forefront of debates around enterprise, wealth creation and governance. As we head towards the election of the next UK government, the need for an informed and practical perspective on business policy has never been greater.

“IoD members want a policy framework that is stable, light touch and focused on the longer-term. As in their own organisations, directors expect decision-making to be based on evidence and followed through in a predictable manner.”

Dr. Roger Barker, Director of Policy at the Institute of Directors, added:

“It is crucial that the next government finds a way to re-ignite the UK’s growth engine. Currently, the economy is stuck in a rut of weak business confidence, inadequate business investment, and poor productivity growth. Without a solution to this problem, the UK will be condemned to a future of constrained public finances and declining living standards.

“The good news is that the UK has tremendous latent strengths due to the quality of its people, openness to new ideas, respected corporate governance and innovative companies. With the right policy framework, the upside for the UK economy is significant.

“Whoever wins the next General Election, we look forward to working with them to create a resurgent UK economy in which individual companies and directors can succeed and flourish.”

The full Institute of Directors publication, Manifesto for Business – A policy roadmap for the next UK Government, can be downloaded here.