POLICY
60-SECOND BRIEFING IoD IN THE NEWS
When oficial figures showed that the UK’s productivity growth had hit a two-year low in Q3 2018, the IoD’s senior economist, Tej Parikh, highlighted this important issue and called on the government to press ahead with its Industrial Strategy white-paper plans nationwide. Parikh’s comments were covered widely in the national press, including the Financial Times, the Guardian, and the Daily Telegraph. More recently, Parikh
chaired City AM’s shadow monetary policy committee, which gauges economists’ views on whether the Bank of England should change the base rate of interest.
continued throughout the winter, Allie Renison (pictured) was rarely far from the nation’s TV screens, from representing members’ views on BBC1’s News at Ten to debating with Shanker Singham of the Institute of Economic Affairs on Sky News’s All Out Politics. Making a record 37 appearances on national broadcast media in one week, Renison, along with the IoD’s EU and trade analyst, Claudia Catelin, repeatedly stated the private sector’s frustration at the political stalemate.
After Parliament’s rejection of Theresa May’s initial Brexit withdrawal deal in January, the IoD polled members on their preferred next steps. The results made the front page of the business section of the Sunday Times. As the debate
Economic confidence 23%
are optimistic about the British economy.
47%
GDP growth faltered in the UK in Q4 2018 as uncertainty affected investment. Parikh warned of further chill winds ahead, such as China’s incipient slowdown and weak European growth. The BBC, Reuters and the national press all reported his analysis. But the IoD also had praise for UK firms’ record on job creation, which continues to defy expectations. It pointed out that “businesses have been steadfast in their drive to take on workers and create positions” – a comment that featured prominently in the Independent and on BBC News.
Boards must become more tech savvy
For some companies, data security isn’t a board-level issue until the day it becomes one by necessity. But business leaders have an ongoing responsibility to understand the cyber threats facing their organisations and what effects these may have if they should strike home.
Directors need to challenge the effectiveness of their firms’ risk management systems and determine how well their monitoring and incident-reporting programmes are working. Board members must also recognise that they need to become more tech savvy themselves in order to have meaningful conversations with the technical experts who brief them on cyber matters. As businesses become ever more integrated with, and reliant upon, digital technology – whether for processing customer data, reaching their markets or simply communicating internally – managing cyber security can no longer be left to the IT specialists.
Recent legislative developments have made risk management in this field even more challenging. For instance, under the General Data Protection Regulation, which took effect last May, UK-based firms must alert the Information Commissioner’s Office to a security breach within 72 hours of its discovery. On top of all the commercial and reputational damage, a compliance failure could result in a fine of up to four per cent of global revenue.
Main concerns
remain optimistic about their firms’ prospects.
£ 26%
expect business investment to increase over the next 12 months.
47% 53%
The state of the economy.
Uncertain trading status with the EU.
40% shortages. Skills
director.co.uk 53
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