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Summary
- The first meeting of the council was held on Monday where business leaders were updated on the vaccine rollout and government’s plans to rebuild the economy.
- Going forward, the council members would be providing regular inputs on the government proposals for economic growth.
British PM Boris Johnson has launched the Build Back Better Council with the goal of creating jobs, boosting investment, and reviving the economy. The council has brought together 30 business leaders with expertise in sectors such as hospitality, retail, banking, technology, and finance. The council was co-chaired by Johnson and Rishi Sunak, the Treasury Chancellor. Kwasi Kwarteng, the business secretary is designated as a standing member while other cabinet members will also attend if required.
The first council meeting was held yesterday where the PM updated the members on the vaccine rollout plans. He also reiterated his commitment to rebuild the economy and push the recovery process. The council will be meeting every quarter and the members have been appointed for a period of one year.
Chief Executive Officer of BP Bernard Looney, who is a member of the business council, said that the council will help build back the businesses and make them globally competitive apart from creating a clean and green economy.
Heads of other prominent companies like Arup, Balfour Beatty, BGF, British Airways, Direct Line, Google, GSK, Heathrow, HSBC, ITV, Jaguar Land Rover, Reckitt Benckiser, Siemens, Tesco, and Unilever have also been chosen as the members of the council.
Highlights of the first meeting
The PM highlighted the need to seize the Brexit opportunities, aid employment generation, strengthening Britain’s position as a superpower in science and technology, upgrade infrastructure and promote a green industrial revolution.
Johnson said that the best way to aid the economic recovery was to beat Covid-19. This is the reason why the British government has invested a huge amount of money into virus testing programme and vaccine development. It will ensure that the businesses can be reopened safely as soon as possible.
Despite various challenges, the government is committed to build back better and generate opportunities for individuals and business, he insisted.
Sunak laid out three main pillars of his plan to drive economic growth, which are innovations, infrastructure, and skill development.
The government’s future plans were discussed in detail and members shared their perspectives on the matter. It was agreed that the members would be providing their regular inputs on the government proposals and plans. They would also offer suggestions on the role of the industry in aiding recovery.
The business secretary updated the works of the Better Regulation Cabinet Committee and said that the committee was working towards making a more supportive environment for the British businesses.
The trade secretary shared the goals of the UK Office for Investment regarding encouragement of foreign investment into the UK.
Dame Sharon White, chair, John Lewis Partnership, said that the nation was facing some of the greatest ever challenges and added that better solutions can be worked out in a government-industry partnership mode.
