Less than two weeks ago, Chancellor Jeremy Hunt delivered his widely anticipated Autumn Statement. After such negative market reaction to the previous ‘mini-budget’, business leaders across Yorkshire and the Humber were watching more closely than ever before as they sought to understand the new administration’s vision for the economy.

What followed was a welcome step forward to address ongoing uncertainty and deliver economic stability. But also, a nagging sense that something was missing: the clear plan for growth that business had been asking for.

On a positive note, there were some very encouraging signs that the business voice is being heard in Treasury corridors. The Chancellor backed the CBI’s call to freeze business rates, which will buffer the impact of increasing bills - particularly among those firms that have really been struggling.

There was also positive news on R&D spending, capital investment and extending energy support that businesses also welcomed.

Chancellor of the Exchequer Jeremy Hunt gives a television interview the morning after his autumn statement, outside the BBC studios in central London. Picture date: Friday November 18, 2022.

With more to do on delivering that powerful growth narrative, it was timely to have leading voices from the worlds of business and politics descending on Birmingham for the CBI’s Annual Conference.

In four keynote speeches, and across more than 16 events and panel discussions, we discussed the big issues facing our economy today, ranging from skills shortages to decarbonisation.

The Prime Minister presented his vision on how innovation can be a key driver for economic growth. Labour leader Keir Starmer also outlined the party’s plans for a modern industrial strategy and made a clear commitment to address migration and skills in parallel.

With both parties keen to bolster their reputation as a party of business, delegates were encouraged by what they heard. But there was also a strong call for greater clarity in terms of both parties’ plans, as well as an overwhelming desire to see pragmatism trump politics in economic policy making.

As the dust settles following the CBI’s Annual Conference, one thing is crystal clear: there are plenty of opportunities in reach to solve the UK’s fundamental growth problem.

We urgently need to tackle our skills problem. That will certainly require pragmatism when it comes to immigration – but it also means we need to seriously accelerate our efforts to improve skills at home, including here.

To get the economy growing, Government must also create the right conditions to stimulate private sector investment. When corporation tax rates increase in April, firms will now not be able to take advantage of important investment incentives.

Our analysis shows that a permanent full allowances regime has the potential to unlock a striking £50bn in capital investment per year by the end of this decade – that’s money we can’t afford to leave on the table.

Equally, Government needs to start thinking about the right finance models and investment bodies to create investable markets. If we can align our regulatory principles with our ambitions for growth, move quicker on planning, and unlock trade agreements, we speed up our journey to sustainable economic prosperity.

While firms across the country might have been reassured by the Autumn Statement’s ability to deliver economic stability, many are still looking for decisive action on growth. The nature of business is to be restless, to want to drive, grow and innovate. Firms know there are lots of huge prizes on offer right now but they need the right economic conditions to do just that.

On the issue of growth, the ball is now in the politicians’ court.

Beckie Hart is CBI regional director for Yorkshire and Humber

Businesses want decisive action on growth from Jeremy Hunt - Beckie Hart