The conflict in the Ukraine conflict shows quite clearly that the UK must start bolstering its future economic resilience, from our supply chains and energy sources to our cyber security, according to CBI Director-General Tony Danker.
He said: “To do that, the Government will need to fast-track progress on some of the big policy issues and help firms invest. Business stands ready to support them in that endeavour.
“Since the start of this crisis, the CBI has been guiding thousands of firms across the country to support economic sanctions on Russia and to get behind humanitarian efforts for people in Ukraine and for refugees. Convening its councils and roundtables across the UK, CBI members are supportive of sanctions, despite the real costs involved in doing so.
“The next phase must be finding our economic resilience, better ensuring our fate remains in our hands on this conflict and for the future.”
“Sanctions have been a successful start to global efforts to isolate the Putin regime. But the next phase will require global economies, including Britain, to be economically resilient to further threats.”
He said the crisis showed the UK had to move far faster towards clean energy solutions. “We need to double down on successful strategies for wind power and nuclear. And we must go further and faster to deliver investible business models for carbon capture and hydrogen. Government is moving too slowly on these solutions.
“We need to stand behind domestic oil and gas in our energy transition. That’s why the government is right to take forward the aims of its North Sea Transition Deal with industry, and we need to recognise immediately the looming crisis in domestic and business energy bills. We need to move immediately towards energy efficiency in homes to dampen down demand. And government will need to think urgently about consumers’ as bills go higher still later in the year.”
His calls came amongst a package of pleas covering minerals, commodities, cyber security and business investment, adding: “Firms fully support sanctions despite their cost. Meanwhile the CBI will continue to advise companies on what’s required and ensure the government understands the implications of its decisions for UK firms domestically and overseas.”