IoD Weekly Policy Report 15 - 19 May 2023

We have returned to the five-day week, returned to discussing the weather more than the coronation, and returned to our rightful place at the bottom of the Eurovision leader board. Order is restored.

The theme of the policy week for us has been the workforce. Skills shortages have consistently been a challenge for members for numerous reasons. At the same time unemployment remains low. And now to top it off, AI has entered the ring, flexing its job-displacing muscles…

Licence to skill We published a business paper, ‘Innovating for Talent’, that provides our members with practical guidance on attracting and retaining staff in a tight labour market. It features 11 case studies of businesses who are tackling skill shortages in an innovative way.

Something to chat about… – According to a recent survey, 52% of IoD members see AI as an opportunity, while 24% perceive it as a risk. We wrote a blog analysing the pros and cons. Out of interest, we also asked ChatGPT to write one for us. Slightly irritatingly, it only took it 2 minutes to write, and it was actually quite good. Well, not as good as ours.

Hire or lower? – ONS labour market statistics showed unemployment rose from a low of 3.7% to 3.9% in the three months to March, and the number of payrolled employees also fell in April, for the first time since February 2021. Some businesses are beginning to hesitate before hiring new staff. Here’s why.

REUL treatment We wrote to the Secretary of State for Business and Trade, Kemi Badenoch, to tell her our thoughts on the proposed amendments to the Retained EU Law Bill. We welcomed the new approach, which removes the previous arbitrary deadline to revoke all EU-derived legislation, and told her we are always here should she wish to test any future regulatory reforms with our members, an offer we’re sure she will be keen to take us up on.

Policy Voice – We currently have a Policy Voice survey open for our members. Policy Voice is a key member benefit which allows us to consistently collect statistical evidence on how different government policies impact business. This month we are asking for views on a UK industrial strategy, how geopolitics impacts business decisions, and carbon regulation. We are on track to achieve our biggest response rate ever, so make sure you look out for your email reminder tomorrow to feed in if you have not yet done so!

Next Week Watch out for…

Monday 22 May

  • The House of Commons Environmental Audit Committee will take oral evidence on mapping the path to net zero

Wednesday 24 May

  • ONS will release inflation statistics for April 2023, which are expected to show that inflation will finally get back into single digits.

Better directors for a better world

The IoD supports directors and business leaders across the UK and beyond to learn, network and build successful, responsible businesses.

Finding stability in a changing economy

Browse valuable UK economy resources from the IoD.
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