IoD Week in Policy 30 October - 3 November

With parliament prorogued in the run-up to the King's speech on 7 November, MPs may be taking a breather, but the weather certainly isn't, and neither are we. We’ve been busy laying the groundwork for the Autumn Statement, the future of AI and the festive season (no, November is not too early).

Seasons meetings – This week our Director General, Jon Geldart, has been busy meeting with senior government ministers, covering all things from tech to tax. On Wednesday, he met with the Secretary of State for Business and Trade, Kemi Badenoch, to talk about AI. Drawing on Policy Voice data and intel from our science, innovation, and tech expert advisory group, the points raised are highlighted in this letter submitted to the Secretary of State ahead of their meeting.

On Thursday, Jon attended a meeting with the Chancellor of the Exchequer. A final chance to provide some ideas for the Autumn Statement on 22 November, he reaffirmed our call for tax credits to address skills shortages, a stronger incentive for SME net zero transition, permanent 100% capital expensing, a volume-based exports target and greater reputational pressure on slow invoice payers. Our full letter to the Chancellor can be found here. Hopefully something sticks – we are approaching the season of giving after all.

I(oD), Robot – This week also saw the UK government host a global AI Safety Summit at Bletchley Park, where leading nations reached a world-first agreement, establishing a shared understanding of the opportunities and risks posed by frontier AI and the need for government collaboration. We have also done some recent digging into AI ourselves. Whether it be via podcast, business paper or roundtable, we’re getting our head around just what AI means for business and business leaders.

Melting doubts – Our directors’ economic confidence index is still at a bit of a slump at -25 in October, but there are some glimmers of hope beneath the frosty surface. Investment intentions, growth ambitions, revenue expectations and optimism are all on the up for our directors! You can find our full analysis here.

Next week watch out for…

Monday 6 November

Tuesday 7 November

  • State Opening of Parliament and King’s Speech laying out the government’s legislative priorities for the year ahead.

Friday 10 November

  • Preliminary GDP data for Q3 of 2023 will be released by the Office of National Statistics,  expected to show a slowing economy.

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