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| Version 3 | Version 4 |
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| Theresa May wants post-Brexit UK at 'cutting edge' | Theresa May wants post-Brexit UK at 'cutting edge' |
| (about 2 hours later) | |
| Theresa May has begun speaking to the CBI's annual conference, where she is setting out her aim to put a post-Brexit UK at the "cutting edge". | |
| In her speech to business leaders, Mrs May will pledge an extra £2bn a year in funding for scientific research and development by 2020. | |
| A new fund to back areas such as robotics and biotechnology and help commercialise new discoveries. | |
| Delegates will call on Mrs May to offer more "clarity" over Brexit. | Delegates will call on Mrs May to offer more "clarity" over Brexit. |
| Mrs May's speech to the Confederation of British Industry in London comes two days before the government delivers its first post-EU referendum budget, in the form of the Autumn Statement. | Mrs May's speech to the Confederation of British Industry in London comes two days before the government delivers its first post-EU referendum budget, in the form of the Autumn Statement. |
| She is to promise a new approach that is about "stepping up, not stepping back" when it comes to intervening in the economy. | She is to promise a new approach that is about "stepping up, not stepping back" when it comes to intervening in the economy. |
| Speaking about a new industrial strategy challenge fund, she will say: "Britain has firms and researchers leading in some of the most exciting fields of human discovery. | Speaking about a new industrial strategy challenge fund, she will say: "Britain has firms and researchers leading in some of the most exciting fields of human discovery. |
| "We need to back them and turn research strengths into commercial success." | "We need to back them and turn research strengths into commercial success." |
| What is the Autumn Statement? | What is the Autumn Statement? |
| A difficult trick to pull off | A difficult trick to pull off |
| Views from UK business | Views from UK business |
| Financial upheaval ahead for families | Financial upheaval ahead for families |
| Mrs May is expected to add: "We will also review the support we give innovative firms through the tax system... because my aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also one that is profoundly pro-innovation." | Mrs May is expected to add: "We will also review the support we give innovative firms through the tax system... because my aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also one that is profoundly pro-innovation." |
| Corporation tax is already due to fall from its current 20% rate to 17% by 2020. | Corporation tax is already due to fall from its current 20% rate to 17% by 2020. |
| In the US, president-elect Donald Trump said during his campaign he would seek to cut the federal rate to 15%, but it is understood the Treasury still thinks the UK would be more competitive, once extra US taxes are factored in. | In the US, president-elect Donald Trump said during his campaign he would seek to cut the federal rate to 15%, but it is understood the Treasury still thinks the UK would be more competitive, once extra US taxes are factored in. |
| Following a speech earlier in the year in which Mrs May called for workers to be put on the boards of major firms and vowed to curb excess corporate pay, the prime minister will insist in her speech that she will "always believe in business". | Following a speech earlier in the year in which Mrs May called for workers to be put on the boards of major firms and vowed to curb excess corporate pay, the prime minister will insist in her speech that she will "always believe in business". |
| But she will say firms need to do "more to spread those benefits around the country, playing by the same rules as everyone else when it comes to tax and behaviour, and investing in Britain for the long-term". | But she will say firms need to do "more to spread those benefits around the country, playing by the same rules as everyone else when it comes to tax and behaviour, and investing in Britain for the long-term". |
| The CBI's director-general, Carolyn Fairbairn, said she welcomed the proposals. | The CBI's director-general, Carolyn Fairbairn, said she welcomed the proposals. |
| Business needs to create jobs and opportunities "in partnership with society", and "we need to think about how that works in practice", she told the BBC. | Business needs to create jobs and opportunities "in partnership with society", and "we need to think about how that works in practice", she told the BBC. |
| For the first time, Ms Fairbairn also said the CBI backed the Mrs May's proposals to have "the voice of workers heard more clearly in the board room". | For the first time, Ms Fairbairn also said the CBI backed the Mrs May's proposals to have "the voice of workers heard more clearly in the board room". |
| She said the organisation was "now looking very closely how they [Mrs May's proposals] can be adopted more widely". | She said the organisation was "now looking very closely how they [Mrs May's proposals] can be adopted more widely". |
| "We would support that. We think it's a very good idea. We'll take that up straight away," she added. | "We would support that. We think it's a very good idea. We'll take that up straight away," she added. |
| Investment bank | Investment bank |
| Labour leader Jeremy Corbyn, who will also be speaking to the CBI, will warn against a "mishandled, chaotic Brexit". | Labour leader Jeremy Corbyn, who will also be speaking to the CBI, will warn against a "mishandled, chaotic Brexit". |
| He will also call for a more interventionist role for government in industrial policy. | He will also call for a more interventionist role for government in industrial policy. |
| He will expand on Labour's proposal for a national investment bank, which he will argue would "help break the logjam in the British financial system" by lending to small and medium-sized businesses. | He will expand on Labour's proposal for a national investment bank, which he will argue would "help break the logjam in the British financial system" by lending to small and medium-sized businesses. |
| He will argue industrial strategy should not be about "picking winners" but should "set the missions, put in place the right institutional framework and support and provide businesses with the opportunities to develop our economy". | He will argue industrial strategy should not be about "picking winners" but should "set the missions, put in place the right institutional framework and support and provide businesses with the opportunities to develop our economy". |
| Analysis: Dominic O'Connell, Today business presenter | Analysis: Dominic O'Connell, Today business presenter |
| Like a stressed parent trying to coax a wayward toddler, Theresa May is promising treats for big business - spending on research and development, tax cuts - as long as companies behave themselves. Quite what good behaviour means, for example, is far from clear. Neither Carolyn Fairbairn, the CBI's director general, nor Paul Dreschler, its president, want to give examples of what corporate wrongdoing looks like. Is it breaking the law? That would seem to be the minimum, but what more is required - the eradication of zero-hours contracts, perhaps, or fully-funded pension schemes at all times - is anyone's guess. | Like a stressed parent trying to coax a wayward toddler, Theresa May is promising treats for big business - spending on research and development, tax cuts - as long as companies behave themselves. Quite what good behaviour means, for example, is far from clear. Neither Carolyn Fairbairn, the CBI's director general, nor Paul Dreschler, its president, want to give examples of what corporate wrongdoing looks like. Is it breaking the law? That would seem to be the minimum, but what more is required - the eradication of zero-hours contracts, perhaps, or fully-funded pension schemes at all times - is anyone's guess. |
| The CBI will be happy to gloss over the details, and Fairbairn and Dreschler will be relieved that May at least has toned down some of the anti-business tone she took after she took over as prime minister. Then, she was talking about mandatory representation of workers on boards, while her home secretary, Amber Rudd floated the idea of companies having to say how many foreign workers they employed. Those days seem far off, and the relationship between business and government is much warmer than it was only a few months ago. | The CBI will be happy to gloss over the details, and Fairbairn and Dreschler will be relieved that May at least has toned down some of the anti-business tone she took after she took over as prime minister. Then, she was talking about mandatory representation of workers on boards, while her home secretary, Amber Rudd floated the idea of companies having to say how many foreign workers they employed. Those days seem far off, and the relationship between business and government is much warmer than it was only a few months ago. |