A leading industry figure will call on the Government to lead by example when it comes to backing business – and says it should do more to highlight its crucial role in society.
Lord Digby Jones will be speaking at the Coventry and Warwickshire Chamber of Commerce’s annual conference on September 21, which is being themed around ‘Business is good for Coventry and Warwickshire’.
Lord Jones said that business is not only good for society – it is fundamental in generating the taxes need to pay for public services.
He said: “Only business, ultimately, generates tax and jobs. The wealth creation sector of society is the only part that makes profit from which actually comes all taxation.
“Public sector jobs come from this tax. The cost of building schools and hospitals, running police forces and armies comes from this tax. There is no more important part of our society than business and I don’t think most people get that fact.
“That’s not to say that criminality shouldn’t be hunted down, rooted out and punished. Of course it should.
“Undeserving bonus recipients should, in austere times, be far more sensitive than they are but the populist, politically-attractive smashing of the risk and reward model of business is wrong-headed and damaging to everyone.
“There are other things the Government could do to lead by example – such as buying British trains rather then German – to encourage a more positive attitude to domestic business.”
Lord Jones joins a series of high-profile speakers at the conference at Stoneleigh Park, including Sir Peter Rigby, Tata’s Nick Fell, Professor David Bailey and a government minister.
Lord Jones, the former director general of the CBI, has also called on businesses to invest, where possible, to find new markets and to constantly improve.
He said: “My advice to companies would be train, train, train your people as they will be essential in your growth. It’s also vital that you are constantly investing in productivity enhancement – so that’s your kit and your people.
“Also, go after new markets in this globalised economy – particularly those that do not involve the EU.”
He also told government to start putting employment first when it comes to policy making.
He said: “I think it should be easier for businesses to let staff go because, do you know what, companies would actually employ more people if they felt free to do so.
“I also believe that National Insurance contributions for employers should be abolished because they are a block to new jobs. Fine, tax a business when it is profitable and tax wages but don’t tax a business that might have to make a loss for its first two or three years (in order to make a profit later) when it is taking on new people.”
To hear from Lord Digby Jones, book a place at the annual conference by logging onto www.cw-chamber.co.uk or call 024 7665 4321.