CBI Annual Conference: 5 minute summary

Our five minute summary of the CBI Conference, plus a reading list if you want more detail.

Image by the CBI via Flickr.

Yesterday was the CBI’s annual conference. With a number of influential speakers including David Cameron, there was a lot to take in, so here’s our quick summary of the day’s events and a comprehensive reading list for those who want to find out more.

David Cameron: growth is important, but we have to tackle the deficit.

In his keynote address, David Cameron announced a new strategy for growth, including support for the housebuilding industry, the roll-out of super-fast broadband, building new power stations and more business lending. He added: "We need a fundamental rebalancing of the economy - more investment, more exports, and a broader base to an economic future." Mr Cameron also said that government wanted to "get credit flowing" to businesses with initiatives like Project Merlin,  the Business Growth Fund and the Regional Growth Fund. He also indicated that George Osborne would be unveiling a new credit easing scheme in his Autumn Statement next week.

The role of trade and diplomacy.

William Hague stressed the importance of foreign trade and said that the government will be using "economic and commercial diplomacy" as part of its strategy of boosting exports, growth and jobs. He added that the government was trying to restart growth that would serve the country well in the long-term. The Turkish president Abdullah Gül said that making business links between the UK and Turkey even stronger was vital and could help to offset the effects of the eurozone crisis. Sergio Marchionne, the Fiat and Chrysler CEO, also picked up on this key message, urging businesses to embrace working outside their domestic market.

Businesses need the respect of the public.

Sir Roger Carr, president of the CBI, told the conference that businesses needed to win the respect of the public, highlighting the business leaders who appear on Dragon’s Den as an example. He stressed that business leaders needed to act in a way that inspires respect in every aspect of their professional lives. The CBI Director General, John Cridland, also spoke about the role of business in society and said that they had a reputation problem to address. He commented: “FTSE 100 chief executives now earn 89 times more than their median full-time employees. I accept that we compete in a global market for talent, and I believe absolutely in rewards for success. But it's not hard to see why some people think differently."

Reading list

• Read David Cameron’s speech in full
  
• Read William Hague’s speech in full 
  
• Videos of the conference 
  
• David Cameron says no 'silver bullet' to fix economy 
  
• Would executives at the CBI conference take a pay cut? 
  
• Tackling UK deficit behind schedule 
  
• UK exporters must seize BRICs growth opportunity 
  
• Business must address reputation problem, says CBI chief