The President of the British Chambers of Commerce (BCC) is calling on policymakers to introduce a ‘growth delivery test’ to help businesses turn ambition into action.
A major new report, co-authored by Andy Haldane, says the UK can break through its decades long economic growth ceiling by focusing on the decisions businesses make every day.
Based on research from the BCC Insights Unit, the report identifies five practical levers for growth: skills, technology adoption, trade, finance and business scaling.
In a survey of 875 firms in April, respondents were asked what would directly support growth in their business. The results showed:
• 67% said better access to skills
• 60% said increased use of AI
• 56% said simpler processes and lower costs to trade globally
• 46% said easier access to finance
• 35% said simpler process to restructure, list or exit
The report argues that the UK’s growth problem is not a lack of potential, but a failure to convert that potential into action. It says, “the UK has the ingredients of growth already in place: resilient firms, strong private sector balance sheets, high levels of innovation, deep pools of capital, and a globally respected business brand.”
However, the report warns that “firms have not lost ambition. They have lost confidence that the economic environment rewards it.”
It identifies a growing “risk-aversion cycle” among businesses, arguing that too many firms are delaying investment, recruitment and expansion because the risks outweigh the rewards.
The report concludes “the measure of success is not a strategy published. It is a decision changed.”
Andy Haldane, President of the British Chambers of Commerce said:
“The UK does not lack growth potential; it lacks the ability to turn that potential into delivery.
“Our businesses are innovative, ambitious and resilient. But after years of rising costs, skills shortages, regulatory pressure and economic uncertainty, too many now believe the risks of growth outweigh the rewards.
“Growth depends on businesses choosing to invest, hire, train, adopt new technologies, enter new markets and scale. If too few firms make those choices, economic growth will remain stubbornly weak.
“That is why this report proposes a simple Growth Delivery Test. Before announcing any major economic measure, policymakers should ask, will this prompt firms to do something they would not otherwise have done?
“The biggest opportunity is the UK’s ‘movable middle’, the thousands of established firms in every nation and region that already have customers, products and ambition. But they need the confidence, capability and conditions to take the next step.
“The UK already has the ingredients for growth. The task now is to turn ambition into action.
“Success should be measured not by a strategy published, but by a decision changed.”
David Bharier, Deputy Director at the British Chambers of Commerce and co-author of the report said:
“BCC data consistently shows weakening business sentiment and firms experiencing policy as downside risk rather than a route to growth.
“But beneath that headline lies enormous untapped potential. Our survey of 875 firms shows clear appetite for action – on skills, AI, trade, finance and dynamism.
“AI adoption alone has more than doubled among SMEs in just two years. What is missing is not ambition but a consistent, systematic way of helping firms act on it across all five levers.”
Ross McNally, Chief Executive and Executive Chair of Hampshire Chamber of Commerce said:
“It is so great to see this blend of realism and ambition expressed in terms which decision makers can address. British business is renowned for its focus on growth and innovation, we just need to unlock the potential. This starts with the confidence to make investable decisions. Let’s get behind this blueprint.”
About Hampshire Chamber of Commerce
Hampshire Chamber of Commerce is the independent voice of local business across the county and one of the largest regional business networks in the UK. With a strategic vision to ‘unlock Hampshire’s potential’, Hampshire Chamber brings together the combined influence, strength and expertise of the county’s three former major chambers. It works with over 2,000 individual firms spanning all sectors and sizes of business. Member services include training, advice, international trade documentation, events, networking opportunities and lobbying to policymakers on issues affecting business. Hampshire Chamber’s business network is designed to help any employer to grow and thrive irrespective of their stage on the enterprise journey.
About the British Chambers of Commerce - Where Business Belongs
The British Chambers of Commerce (BCC) sits at the heart of a powerful network of 51 Chambers of Commerce across the UK, representing thousands of firms. It provides a unified voice for these companies, rooted in their communities, at the national level. We link our UK network with over 75 international member chambers, to promote trade and investment, and work for a better future for businesses around the world.