Last week, PLMR was proud to attend the British Chambers of Commerce (BCC) Global Annual Conference at the QEII Centre in Westminster. Held under the theme “Where’s the Growth?”, the event brought together business leaders, policymakers, and senior government officials to examine how the UK can unlock economic growth in the wake of ongoing domestic and international uncertainty.
The 2025 conference came almost one year after a historic General Election, and was marked by a high-profile speaker line-up including Prime Minister Keir Starmer, Leader of the Opposition Kemi Badenoch, and Governor of the Bank of England Andrew Bailey.
For PLMR, attendance was an opportunity to stay ahead of the policy landscape shaping our clients’ operating environments, and to hear directly from those influencing the future of trade, investment, and regulation.
Opening the day, BCC Director General Shevaun Haviland delivered a frank assessment of the UK’s economic climate. While welcoming the government’s new Trade Strategy and improved international agreements with India, the US and the EU, she underlined the reality facing UK businesses: weak growth forecasts, a tightening labour market, and rising cost burdens. Haviland called for urgent action on skills, infrastructure, and business taxation – warning that confidence has fallen to its lowest level since 2022.
Prime Minister Keir Starmer acknowledged these pressures, particularly the impact of the £23bn increase in employer National Insurance Contributions introduced in April. He thanked businesses for their “huge contribution” in supporting public services and reaffirmed his government’s commitment to balancing fiscal stability with long-term investment. Starmer also announced measures to support service sector exports, improve the recognition of UK qualifications abroad, and cut red tape for SMEs engaging in trade.
Bank of England Governor Andrew Bailey offered a cautious economic outlook. While noting signs of disinflation, Bailey said wage growth remains a key contributor to persistent service sector inflation. He observed a shift in employer behaviour in response to the NICs rise, with firms opting to curb hiring or wage growth rather than increase prices. Bailey warned of “greater uncertainty” in the short-term inflation trajectory and confirmed the Bank will reassess monetary policy again in August.
Later in the day, Kemi Badenoch addressed the business community as Leader of the Opposition. Framing her speech around a pro-enterprise agenda, she criticised the government’s approach to taxation, regulation and welfare reform. Badenoch pledged to scrap Labour’s proposed Fair Work Agency and other regulatory changes, arguing they would place unsustainable burdens on SMEs. She also signalled plans to overhaul welfare spending, including eligibility criteria for long-term financial support.
Being at the BCC conference offered PLMR valuable insight into the priorities shaping the business and political landscape. From trade and tax to skills and regulation, the discussions highlighted the pressures facing UK firms – and the opportunities that might emerge in the months ahead.
