'Culture shift' needed in how UK does business, PM urges
Summary
UK Prime Minister Andy Burnham said the country needs a change in how business is done. He plans to meet with leaders of major companies to discuss supporting risk-taking and giving local leaders more power to work with businesses.Key Facts
- PM Burnham will meet CEOs of major UK companies, including BP, Shell, HSBC, Morrisons, and Rolls-Royce.
- He wants the government to back businesses that take risks and give local leaders tools to support growth.
- The government aims to be a partner for growth to improve all parts of Britain.
- UK borrowing costs are high, making it harder for the government to spend on business support.
- Recent UK economic growth was partly due to investment in artificial intelligence (AI).
- Rising oil and energy prices, due to global conflicts, are increasing costs for households and businesses.
- High inflation risks and potential interest rate increases add pressure on the UK economy.
- Some critics say Labour’s business taxes and regulations have harmed investment and job growth.
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