Business needs to speak up in Britain’s battle of ideas

Politics is about to become more stark and consequential. Business leaders must be pragmatic and deal with the government in power, but in this battle of ideas, they need to stand up for what works, especially when the country they love is heading in the wrong direction. Liam Halligan, director of the Centre for Policy Studies, addressed this at a Confederation of British Industry reception at the British Museum.

Britain remains a great place to live and work, with scientific and artistic brilliance, and a wealth of successful businesses. However, for years, high taxes and intrusive government policies have stifled economic growth, leading to soaring public debt and increasingly precarious finances. Inflation, energy costs, and rising unemployment are all signs that Britain is going in the wrong direction.

Since Labour regained office, the country's tax burden has increased to 38% of GDP, set to rise to 41% by the end of the decade. This is far higher than the 2.5% debt service costs in France. The UK's public finances are dangerously fragile and could easily collapse. Business leaders must speak out and advocate for policies that work, as they are the creators of national wealth and have a vital role to play in this battle.