IoD Week in Policy 16 - 20 October

It’s been a very cloudy week. Particularly for the Conservative Party, which lost two by-elections in Mid-Bedfordshire and Tamworth to Labour candidates. Does this give us a clue about the fate of next year’s general election? But on the other hand, Labour is certainly basking in the sunshine today.

Apparently the political partying never ends, but the party conferencing has now cooled off, and the hangover has come in the form of a busy week in policy. Fewer speeches, more government outreaches. Fewer fringe conventions, more Westminster tension. Less networking more, well, working. Here’s what we’ve been up to…

Getting down to business – The Scottish Government has published its New Deal for Business Implementation Plan, designed to provide a means for government and business leaders to work together to align on business policy. We particularly welcome the commitment to create a forum which oversees the impact of regulations on industry and to conduct a review of how business is consulted during the policy making process.

Impede the stampede – The AI race is fully underway, and the global competitors are thundering down the track at breakneck speed. We feel the government needs to swiftly step up to rein it back a bit. Without sacrificing the UK’s position as a leader in this space, there needs to be clearly articulated regulatory principles, which will be essential to creating legal certainty for business leaders. This policy position is based on member responses to our Policy Voice survey. Find the full analysis here.

Falling flat – The ONS released data that showed the annual rate of CPI inflation flatlining at 6.7% in September. Food and transport prices fell, but at the same time there were price increases in petrol and diesel. The better news is that it is thought inflation figures are likely to look better next month – something to look forward to.

Roger that – In response to the government’s decision to scrap legislation that would have tightened corporate governance rules for large companies, our Director General Roger Barker was quoted in the FT expressing concern. He says it places the government’s longstanding reforms of audit and corporate governance in disarray. Visit our governance hub here for detailed explainers on all things corporate governance and best practice for directors.

Trade’s off – The ONS published data that showed UK exports fell from July to August. But, our own data is showing members are more optimistic about their prospects for exports over the next 12 months. Find our full analysis here.

Next week, watch out for…  

Tuesday 24th October

  • The ONS will release labour market statistics for October 2023
  • Our Trade Advisor Emma Rowland will be presenting member attitudes to the Comprehensive and Progressive Trans-Pacific Partnership at an International Trade Special Interest Group Event
  • The House of Commons Business and Trade Committee will take oral evidence on the performance of investment zones and free ports in the UK

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