According to Carolyn Fairbairn, the new chief of Confederation of British Industry (CBI), UK’s mid-sized companies required less, stable taxes and better access to the overseas workers with skills if they want to grow faster and boost the economy of the country.
She also said that, increasing the immigration rate and lowering the taxes are two most important factors for boosting the economy and sustaining growth all over the UK.
Carolyn Fairbairn is expected to address the gathering and would say in her first speech as the business group head, the mid-sized companies are the growth engines of the UK but they are presently being undermined by the unpredictable taxation and the shortage of vital staff with skills.
Solutions to her demands are that the companies should transfer their staff in an foreign office into their UK sites with much more ease, which could be difficult under the present visa rules.
The UK Tier 2 visa for the workers with high skills covers a vast range of crucial roles but it is limited to only 2,70,000 for each year, it is the limit which is divided into the monthly quotas and was hit in just 11 days in the month of June.
Since then, it has been regularly hit each month, indicating the companies want to employ more overseas staff, but they are being constrained by the tighter limit.
The view of the new CBI chief on the immigration can also run into CBI present row over the UK’s membership in the EU.
The new CBI chief also seeks additional steady tax regime which incentivizes the businessmen to grow their businesses and keep on investing.
She argued that the small companies receives a lot of attention, as do bigger companies but not the mid- sized businesses in the middle.
Ms Fairbairn is also expected to tell that the missing link is the main interesting part. It is the part where the businessmen develop their great idea. Where they hike their profit, employ more individuals and enlarge beyond the national borders.
CBI also believes that an enhanced increase rate among the mid-sized companies can yield remarkable results very rapidly.
It is expected that the increase of just 3,000 midsized companies from the year 2010 to 2013 was enough to drag the nation out of the recession and into development. And if additional companies has rebounded rapidly and hit the pre recession increased rates, then it can have added tens of billions of pounds to the economy of the UK at a stroke.
The new director also desires that the government should pay firms their development and research tax credits more rapidly, in an effort to encourage the investment.