A report set to be published next week by the CBI will call for a Learning for Life Levy to replace the UK’s Apprenticeship Levy. The economic opportunity totals £700bn if business and government can forge a partnership focused on innovation across key industry sectors.

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The CBI (Confederation of British Industry) is the UK’s biggest employers’ group.

The group will urge ministers to require all of the UK’s economic regulators to enshrine investment and innovation as part of their core remits. The call will come after the former Conservative Leader Sir Iain Duncan Smith was asked by the Prime Minister to make recommendations for removing barriers to start-ups in a post-Brexit economy.

The report – titled Seize the Moment: How Can Business Transport the UK Economy? – will outline an ambitious blueprint for reviving the nations competitiveness. One of its principal ideas is to ensure that industry regulators such as Ofcom and the Financial Conduct Authority be obliged to pay heed to the impact of their decision-making on the ability of British companies to innovate.

The report is likely to be published on Monday.

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