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The Chartered Institute of Management Accountants (CIMA) has called on the chancellor, Rachel Reeves, to integrate the growth agenda with the UK industrial strategy in response to the Department for Business and Trade’s Invest 2035.
Nevertheless, the institute has been “encouraged” to see the government take steps to unlock “supply side” restrictions that are holding back growth and investment, as UK productivity has been a systemic problem for many decades.
Andrew Harding, chief executive of management accounting at AICPA and CIMA, said: “CIMA welcomes the intent to make it easier for businesses to trade, raise finance, and build.
“However, whilst reducing complexity is a positive move, we encourage the government to focus on driving integrated thinking across productivity, regulation, innovation, and growth if it is to go further and faster.”
As part of its growth agenda and industrial strategy, CIMA has advised the government to also consider developing skills for the future by investing in education; reforming the UK tax system; and embracing technological augmentation to serve the public and private sector.
According to the DBT’s Invest 2035, the UK’s modern industrial strategy consultation identifies many common challenges and opportunities for the government to drive growth and address UK productivity.
