’Industrial Olympics’ needed to inspire growth, says CBI

'Industrial Olympics' could help boost the construction industry as well as the wider economy as a whole

The Confederation of British Industry (CBI) has urged the government to launch ‘an Industrial Olympics’ to encourage long-term sustained growth in the UK economy.

The business lobbying organisation has asked the government to back the construction sector by introducing investment tax breaks and a cap on business rates.

It also called for £1.5bn of unspent funds to be pumped into further measures such as road upgrades. Known as economic multipliers, investment into such projects could lead to growth across the wider economy as well as providing a much-needed boost for the stagnant construction sector.

CBI director general John Cridland indicated his frustration at a lack of action on various infrastructure upgrades, which have been postponed and put back due a lack of finance.

“We need an industrial Olympics, with big schemes which can make a real difference”, he said.