Speaking at the 'Growing Global' fringe event at the Labour Party Conference in Brighton today, Simon Collins, Chairman of KPMG in the UK, stressed the importance of responsible business practice as a vital part of restoring trust in business, essential to delivering economic recovery.
“Something has become broken in the relationship between business and society. Yet business is a necessary engine of growth, the engine that will create jobs. Business must show its responsible side – not in any altruistic sense – but because we must get trust back. There is undoubtedly an issue of confidence. Confidence on the part of society in business, and confidence within business itself about the fragility of the economic recovery. At the moment there is a sense that we need more regulation in place of trust. Yet regulation is itself stifling confidence and growth. I want to see CEOs pushing the throttle just half an inch to create jobs and create growth. Business needs to do that to demonstrate to society that job creation is across the board.”
“The second thing is the importance of geography: In the UK, KPMG operates through 22 offices, and the message we hear is how businesses are frustrated by lack of consumer demand across the euro zone. But we won’t be taken out of recession by consumers in Europe. High growth markets are vital. We are seeing – and want to encourage – companies introduced to (what we call) “corridors” in High Growth Markets. We should exploit new areas of consumer demand and showcase the innovation and design for which Britain is famous across the globe, and collaborate with companies in HGMs.”
“The third thing is the importance of Small and Medium Sized businesses as an engine for growth. There is increasing talk about the importance of developing a UK mittlestand; I see no conflict between large and small business. When it works it is about backing business. One example is how Jaguar Land Rover are creating a whole sub-region with the development of a supplier base around its core facilities.”
Media enquiries to:
Mark Hamilton, KPMG Corporate Communications 020 7694 2687
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.