Weekly Policy Report 24 – 28 April 2023
This week we are celebrating 120 years of the IoD, and just in time too as we enter bank holiday season (three in one month!), since you can thank our first ever President, Lord Avebury, for introducing the Bank Holiday Act of 1871. You’re welcome.
A lot has changed since we were established in 1903. But one thing that has remained constant is the influence work we do on behalf of our members. So here is what we have been focusing on in week 6,262 of the IoD’s existence…
A Japanese affair – This week we joint hosted a UK-Japan Symposium, celebrating UK-Japanese trade relations. We heard from senior representatives from both the UK and Japanese governments on how important our economies are to each other, where the opportunities lie for business, and how businesses can take advantage of them. It was a very well attended event, and equally well covered.
Chartering waters – Our Chief Economist was able to present the results of our latest policy surveys at an economics event at the ICAEW, the international body for chartered accountants. The discussion covered business confidence and prospects for growth and inflation. Find our latest data on this here.
Banking on it – We responded to a Financial Conducts Authority consultation on SME access to the Financial Ombudsman Service. We told them that the size threshold should be increased to enable more SMEs to be able to take banking disputes to FOS.
Business leading – This week, the Prime Minister launched Business Connect, a new platform for businesses to engage with Rishi Sunak’s “pro-growth, pro-enterprise” Government. Our Director General attended, and said it was a good opportunity for business leaders to come together to influence Ministers.
Yes, Minister? – We interviewed Kevin Hollinrake MP, the Minister for Enterprise, Markets and Small Business. He spoke about his background, his role, and how small businesses can navigate some of the challenges they are facing today.
Pay up! – We created a 10-point plan of suggested policy improvements to support smaller businesses to get paid on time. Our proposals are designed to put greater public and reputational pressure on firms that take longer to pay invoices. You can read our plan here.
Next week watch out for…
Monday 1 May
Our Director’s Economic Confidence Index will be published, showing how optimistic directors are feeling in the prospects for the UK economy.
Thursday 4 May
UK local elections will take place in England.