Fintech entrepreneurs and industry leaders have welcomed the establishment of a new Business Council by the British Chambers of Commerce (BCC), seeing it as an opportunity to strengthen the voice of businesses.
In the aftermath of the Confederation of British Industry (CBI) scandal involving allegations of sexual harassment as well as misconduct, the BCC has taken a bold step by forming a new Business Council.
The move comes as some of the CBI’s leading members, including Aviva and NatWest, distanced themselves from the organisation.
The BCC aims to become the voice of the UK’s most prominent companies, offering a fresh perspective and inclusive representation. The Business Council comprises prominent business leaders from across the UK who will play a pivotal role in shaping the future of the British economy.
As the first founding partners of the Council, Heathrow, Drax, IHG Hotels & Resorts and BP bring their expertise and influence to the table.
To discuss the establishment of the Business Council and the BCC’s new national approach, BCC director general Shevaun Haviland and BCC president Baroness Martha Lane Fox will also join a wider group of business leaders at a roundtable meeting in central London. This gathering aims to foster collaboration and set the stage for impactful discussions on shaping the future of the British economy.
Strong demand
Haviland said extensive consultations with major corporations have also revealed a strong demand for a new kind of representation.
The BCC’s Business Council aims to address the challenges faced by UK businesses, contribute to policy discussions, as well as foster an environment conducive to sustainable economic growth and development.
“Over the past few months, working closely with the Chamber Network, we have been talking to the nation’s largest corporates. These businesses want to be part of a framework that’s rooted in their local communities, but with the ability to shape the national and international debate,” he said.
“The Council is a long-term project and will bring together leaders from across UK industry to consider the key policy issues faced by British businesses, and work on Future of the Economy initiative. This initiative will focus on five challenges: Digital Revolution, People and Work, Net Zero, Global Britain and the High Street. The voice of business needs to be heard loud and clear, and now is the right time for us to speak up.”
Fintech reaction
Industry professionals have welcomed the introduction of the Business Council as a positive step forward.
Fintech entrepreneur Khalid Talukder, co-founder of FX management consultancy DKK Partners, believes that the BCC will now have a more substantial voice on national issues in the UK and beyond.
“As the economy struggles with challenging conditions, having multiple business groups to clearly communicate policy needs and issues affecting employers can only be a good thing,” he said.
Steven Mooney, founder and CEO of investment platform FundMyPitch, also highlighted the importance of entrepreneurs having a strong platform to voice their concerns and insights.
“Without these groups, business leaders would have little or no collective voice in the market, something which would inevitably stifle economic productivity and growth. It’s time to take the views of business leaders seriously, and this new organisation should get to work, clearly communicating the challenges companies face and working with the government to find solutions for the long term.”
While Laimonas Noreika, founder of HeavyFinance – a marketplace for agricultural loans, stressed the vital role industry groups play in communicating the needs of the business community on a national scale and to the government.
“In increasingly uncertain economic times, with inflation remaining stubbornly high, and the climate change emergency requiring urgent action, this new business council has a huge task ahead. Key to this effort must be giving businesses access to the necessary funding to cut emissions and deliver cleaner, greener services and also recognise that action on the environment is a collective responsibility we all have to uphold.
Meanwhile, the CBI is also facing job losses following a crisis prompted by multiple sexual misconduct allegations, reports The Guardian.
