UK economy could get £149bn boost by appointing 'Better Business Tsar', report claims

The UK economy could get a £149 billion boost if it appoints a “Better Business Tsar”, according to a report backed by bosses of Virgin, Greggs and the London School of Economics.

The report from charity ReGenerate said the UK should follow the lead of the US, Japan and France in creating a clearer focal point for business to work on social and environmental challenges.

The Government has made a number of changes at key business-related departments in recent years, including last year’s decision to merge the business and trade departments.

Holly Branson, chief purpose and vision officer at Virgin said: “It’s so important to create impactful partnerships between the public and private sectors that bring out the potential of purpose-driven businesses. ReGenerate’s new report illustrates powerful ways that government can work more effectively with businesses to address some of the biggest social and environmental challenges of our time.”

Roisin Currie, CEO at Greggs said: “Businesses increasingly - and rightly - realise that they exist to serve the communities in which they operate, as well as their shareholders. We have a big responsibility to improve the world around us and working more effectively with government - and government working more effectively with business - is a critical priority to making a positive, lasting change.”

Esmé Clifford, policy director at ReGenerate said: “Business and government need to be better partners - and through closer and more effective collaboration, it will be possible to achieve major policy priorities, such as tackling the cost of living and environmental crisis, without putting further strain on the public purse.

“Our new report has found that businesses are itching to tackle these problems together with politicians to build a stronger, fairer, more prosperous society for everyone in the UK.”