The CBI has applauded the government’s five-year plan for the Department of Trade and Industry, saying it “hits all the right notes” for business.
The DTI’s programme maps out ‘a new industrial policy’ with the ambition of making the UK the most attractive place in the world for scientific research.
Creating Wealth from Knowledge states that the UK is winning in the global knowledge economy, but needs to do more to meet the challenge of rising economies such as China and India.
The CBI said firms would be particularly encouraged by measures to reduce business burdens and boost science and innovation. But it warned that companies remained to be convinced that the Government would deliver.
CBI director general Digby Jones said: “This is an encouraging plan, which shows that the DTI means business when it comes to championing business.
“Those who want to talk down the department need to understand that companies value the functions it carries out. It’s in the areas of delivery and value-for-money savings where the jury is still out.
“The department is up for reforming itself and its plan for the next five years hits all the right notes, with a promise of a £1bn worth of saving on red tape. This is an example that other departments in government should follow,” he said.