Why the Chancellor must provide a boost for business investment in green technology - Beckie Hart

While there is undoubtedly a desire to press ahead with actions that can bolster the UK economy, we are all – rightly – taking stock of the bigger global picture we find ourselves in. That means focusing on an outrageous act of geopolitical aggression, the needless loss of lives, and the political and economic fallout from war on our doorstep.

The tragedy in Ukraine will understandably continue to be in our thoughts, yet we also can’t afford to forget about the day job. That means looking forwards, and working to build a high growth, high skilled, high wage regional economy that can deliver prosperity for all, long into the future. We know the destination; the only question is how we choose to get there.

In recent weeks, the CBI has launched a new strategy for growth that talked about getting the UK out of a ‘low-growth trap.’ After a decade of low productivity and stagnant growth, it is crucial to at last break the cycle and restore long-term economic momentum.

Although post-pandemic recovery is now underway, we can’t afford to just sit back and let things take their course. Particularly as we navigate an uncertain environment internationally, now is the time to be proactive, to strive for better.

With business confidence wavering in the face of these challenges, we need to turn ambition into action. The Chancellor’s Spring Statement is a perfect place to start.

One of the key strategies is betting big on areas of future growth – and one that sticks out to me is the green economy. With COP26 still fresh in our minds, investing in green growth isn’t just the right thing to do, it’s the smart thing too.

From decarbonising homes and buildings to building first-class infrastructure for electric vehicles, ramping-up renewable energy production to decarbonising the transport network, the UK has an opportunity to be a world leader in net zero technology and delivery.

The Chancellor can help enable this by incentivising business investment in green technology and skills for the future, reforming the regulatory environment to support emerging green markets, and implementing new measures to improve home energy efficiency – something of even greater importance given the sharp rise in energy prices and ongoing cost-of-living crisis.

We must also ensure we are making the most of the assets we already have at our disposal. There are already a number of fantastic regional firms working in – and to build – the green economy and deliver our net zero transition.

From established supply chains and infrastructure to people with the skills and experience to help the sector soar, the UK is in pole position to capitalise on new green opportunities. And that’s before you consider the networks of business and professional services firms ready to take growing green sectors to the next level.

When we make these big bets on a green future, it’s not just the big energy companies that stand to benefit. Without support from the sectors and supply chains that underpin them – like waste management – our ambitions for a better future simply won’t get off the ground.

While recent geopolitics may have shaken us to our core, I remain utterly convinced that Yorkshire is a brilliant place to live, work and set up a business. Our goal is to

ensure that remains the case. Government must now work with business to build a better economy for our future, one that’s competitive and focused on the opportunities ahead. Quite simply, better jobs, wages and public services all depend on it.

By Beckie Hart, Regional Director, Yorkshire and the Humber, CBI