Lobby group urges government to make post-Brexit UK economy 'most competitive in the world by 2030'

The Confederation of British Industries (CBI) has urged the UK government to increase efforts towards making the country's economy most competitive in the world by 2030.

In a report published on Tuesday (April 18), the lobby group pressed the government to establish a clearer industrial strategy for Britain post Brexit.

The CBI urged the government to establish a clear "UK2030 vision" as a goal for implementing an effective industrial strategy that would make the UK "more open, innovative, and inclusive".

Progress towards the goal could be measured through certain key performance indicators (KPI) with a long term outlook. An independent monitoring body could be established in order to monitor the KPIs, the lobby group said.

Essentially, the report argued that having a clear cut goal would propel the UK towards becoming the world's most competitive economy over the next decade.

Apart from formulating the UK2030 vision, the CBI has recommended government should improve its policy measures in skills, infrastructure, energy, and taxation.

Additionally, the government should emphasise on innovation within the industrial strategy, promote economic growth across all regions, and ensure that sector-based growth strategies are clear and easy to follow. In order to monitor economic growth within regions, the body suggested that an independent commissioner be appointed.

"A new Industrial Strategy must aim to make the UK economy the most competitive in the world by 2030," said CBI Director-General Carolyn Fairbairn

"We must build on our leading knowledge base, drive a renaissance in our traditional heartlands of manufacturing and create a new wave of entrepreneurship by making the UK the easiest place to start and grow a business," said Fairbairn. "By doing this we can raise productivity and improve lives in every community up and down the country."

Fairbairn further stressed that the vision should be jointly built and owned by businesses, the government, and society.

The nation's creative industries sector had also recently called for greater inclusion in the government's industrial strategy.