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Response to the Chancellor’s speech
and retaining your best talent Update from Vic Annells, Chief Executive |
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| In the run up to the Chancellor’s speech at the Conservative Party Conference yesterday, I was on BBC Radio Cambridgeshire speaking with Jeremy Sallis about the support that businesses in Cambridgeshire and Peterborough really need for post-pandemic recovery.
Key to all of this is investment in people. Reshaping the economy cannot be a success without a skilled and healthy workforce to support it and I know the Combined Authority Mayor shares that view. At the Chamber we want to see government continue to invest in lifelong learning with considered and future-proofed action.
Keeping employees in work has never been more important and ensuring that the workforce has the skills needed for tomorrow is an important part of this. For more information on how to look after your workforce, join the free webinar from Westfield Health who will explore the employee retention crisis in the UK. Booking details can be found below.
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Rishi Sunak told Conservative party members that future tax cuts are conditional on repairing the UK's public finances after Covid.
In his first conference speech as chancellor, he said he wanted lower taxes - but that funding the pandemic recovery 'comes with a cost'.
Vowing that 'we need to fix our public finances', he said allowing borrowing to rise further would be 'immoral'.
The comments come three weeks before his autumn Budget on 27 October.
He also told party delegates that leaving the EU was in the UK's long-term interests, despite current disruption to fuel and food supplies.
BCC position
Sevaun Haviland, Director General of the British Chambers of Commerce (BCC), gave the following response:
“Businesses support fiscal responsibility, but decisions should be based on economics, not politics. Ultimately, it is businesses as wealth creators which generate prosperity, create jobs and support communities.
“The Chancellor's ambition is to be applauded but details, as ever, matter. The focus should be on creating the best possible environment for businesses to grow and thrive so they can sustainably deliver the tax revenue needed to return our public finances to a sustainable path.
“The focus of the upcoming Budget must be on injecting momentum and confidence across all regions and nations of the UK, with measures aimed at underpinning a sustained economic revival and addressing longstanding issues. This should include addressing the increasingly onerous cost of doing business in the UK and to finally deliver fundamental reform of our broken business rates system.”
On the Chancellor’s announcements on jobs support:
“With businesses experiencing acute skills and labour shortages, it’s vital that everyone can access work and training opportunities.”
On Apprenticeship Employer Incentives:
“While the four-month extension of employer cash incentives for hiring new apprentices is good news for many employers, we really need to see the grant extended to the end of 2022. This will allow more time for those SMEs still recovering from the pandemic to create new apprenticeship opportunities that will increase technical skills in the workplace, tackle skills shortages and boost productivity.
“We welcome the increased investment in training for developing industries involving AI and innovative technologies. These skills will support employers in key sectors for our economy going forward.”
On Kickstart:
“Employers are creating thousands of kickstart jobs to help young people furthest from the labour market gain skills for work - and so it would make more sense to extend the scheme further, to the end of 2022, and broaden the eligibility criteria, to ensure more young people can benefit from the scheme.
“Employers, crying out for skilled and experienced people in the workplace, will welcome initiatives to help older workers return to the labour market, re-train and reboot their careers. The government should also extend the kickstart scheme to include older workers, to provide new experience, skills and confidence to re-join the workforce.”
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Are you at risk of losing your best talent as employees reconsider their priorities?
While businesses are focusing on recovery, you could be at risk of losing your best talent as workers plan to change jobs to prioritise their personal wellbeing. This employee exodus could cost UK businesses £48.2bn.In Westfield Health’s latest report ‘Emergency Exit: Preventing a talent drain in the UK workforce,’ they asked 1,500 people across the UK about their attitudes to job changes, mental health and burnout.Key findings:
- 16 million workers plan to change jobs in the next six months
- 83% would stay if their employer made some changes
- 59% say mental health is driving them to change jobs
- 51% say they’re less than a month away from burnout.
Download the report to find out why people are looking to change jobs, what employers could do to retain their employees and how to support their mental health.
Join a free webinar
Chamber members are invited to join the Westfield Health live webinar on Thursday 14 October, from 1.00-1.45pm. They'll be discussing the key findings from the latest report, how to create a wellbeing culture that retains and attracts talent, and how to prevent employee burnout.Register here > |
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ESSENTIAL INFORMATION LINKS ON ALL ASPECTS:
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