Britain needs new strategies to tap foreign billions and spur savings, trade bodies say

Urgent action needed to attract foreign direct investment

The UK urgently needs new strategies to attract foreign direct investment (FDI) and encourage savings to boost economic growth, according to leading trade bodies.

In a joint statement, the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) called on the government to take action to make the UK more attractive to overseas investors.

UK needs to improve its competitiveness

The trade bodies said that the UK needs to improve its competitiveness on a number of fronts, including infrastructure, skills and business costs.

They also called for a more proactive approach to attracting FDI, such as the creation of a dedicated investment agency.

• The UK needs to improve its competitiveness on a number of fronts, including infrastructure, skills and business costs.
• The trade bodies called for a more proactive approach to attracting FDI, such as the creation of a dedicated investment agency.
• The government should also consider providing more incentives for businesses to invest in the UK, such as tax breaks or grants.

UK needs to encourage savings

In addition to attracting FDI, the trade bodies also called on the government to encourage savings.

They said that the UK has a low savings rate compared to other developed countries, and this is holding back economic growth.

• The UK has a low savings rate compared to other developed countries, and this is holding back economic growth.
• The government should consider a number of measures to encourage savings, such as increasing the personal savings allowance or introducing a new savings bond.
• Encouraging savings will help to boost economic growth and reduce the UK's reliance on foreign borrowing.

Government must take action

The trade bodies said that the government must take action to address these issues as a matter of urgency.

They said that the UK's economic growth is at risk if the government does not take action to attract FDI and encourage savings.

The government has said that it is committed to attracting FDI and encouraging savings, but it has not yet set out any specific plans.