The chancellor of the exchequer, Rishi Sunak, hosted a reception for some of the UK’s most prominent business figures at Windsor Castle on Monday, in an attempt to woo them with a royal welcome and a message of confidence in the economy. However, some of the attendees expressed their concerns about the lack of clarity and certainty on key issues such as tax, regulation, and trade.
A rare opportunity to mingle with the royals
The event, which was organised by the Department for Business, Energy and Industrial Strategy (BEIS), was a rare opportunity for the business elite to mingle with the royals, as the Queen, Prince Charles, and the Duchess of Cornwall were also present. The guest list included the CEOs of major companies such as BP, HSBC, Tesco, Unilever, and Vodafone, as well as representatives of small and medium-sized enterprises (SMEs), trade associations, and industry bodies.
The chancellor, who has been praised for his handling of the pandemic and his generous support schemes for businesses and workers, delivered a speech in which he thanked the business community for their resilience and innovation during the crisis. He also highlighted the government’s plans to invest in infrastructure, skills, and green technology, and to make the UK a more attractive place for business.
A plea for more clarity and certainty
However, not all the guests were impressed by the chancellor’s charm offensive. Some of them used the occasion to voice their frustrations and worries about the government’s policies and the state of the economy. They raised issues such as the rising cost of living, the labour shortage, the supply chain disruption, the high level of public debt, and the impact of Brexit on trade and investment.
One of the attendees, who wished to remain anonymous, said: “It was a nice gesture, but it felt like a PR stunt. We need more than words and promises. We need clarity and certainty on what the government is going to do to address the challenges we face. We need a clear vision and a coherent strategy for the future of the economy.”
Another attendee, who also asked not to be named, said: “The chancellor is very good at spending money, but not so good at raising it. He has postponed the budget until next year, which means we don’t know what the tax regime will look like. He has also delayed the publication of the business tax review, which means we don’t know what the regulatory framework will look like. He has also failed to secure a comprehensive trade deal with the EU, which means we don’t know what the trading arrangements will look like. How can we plan and invest in such a climate of uncertainty?”
A balancing act for the chancellor
The reception at Windsor Castle was part of the chancellor’s efforts to build a rapport with the business community and to showcase the UK as a global leader in innovation and enterprise. He has also launched a series of initiatives to support businesses, such as the Help to Grow scheme, the Future Fund, and the Levelling Up Fund.
However, the chancellor also faces a difficult balancing act, as he has to reconcile the demands of the business sector with the expectations of the public and the constraints of the fiscal situation. He has to find ways to stimulate growth, create jobs, and reduce inequality, while also maintaining fiscal discipline, controlling inflation, and reducing debt. He has to navigate the complex and uncertain effects of the pandemic, Brexit, and climate change, while also preparing for the next general election.
The chancellor has said that he is optimistic about the prospects of the UK economy, and that he is confident that the government has the right policies and the right partners to deliver a strong and sustainable recovery. However, he also acknowledged that there are risks and challenges ahead, and that he is ready to adapt and respond as the situation evolves.
