The age-old saying goes, we have two ears and one mouth, emphasizing the importance of listening more than speaking. To foster growth in the UK, the government must heed the advice of business leaders rather than dominate discussions.

The path forward is straightforward: attract talent, create jobs, and encourage wealth generation. As the upcoming budget approaches, there seems to be a lack of initiatives aimed at these goals.

Some of the proposals currently being discussed, which have been leaked or shared by certain ministers, could potentially have detrimental effects. The government’s role is to lay down the infrastructure and security that allow businesses to thrive; instead, it appears that the current administration has taken to instructing business professionals on managing their enterprises.

What actions should the government take? How can it support entrepreneurs and larger companies in their investment, spending, and growth efforts? To start, it must avoid making it more difficult to hire skilled workers. The introduction of new employment regulations reminiscent of the 1970s could stifle recruitment and economic progress. While the cultural elements of that decade, like punk music and disco, might be fondly remembered, the accompanying high taxes and nationalized businesses are better left in the past.

The recent discussions around reduced workweeks, remote work rights, and immediate worker rights have already undermined business confidence. Many companies are hesitant to hire in the UK, not due to business issues but due to the wider implications for job seekers. The lack of practical business experience in the current business secretary does not inspire confidence.

Further, the government needs to act with urgency. Tony Blair once expressed regret for not moving swiftly enough on public service reforms. We are already a quarter into a five-year term. It’s time to shift focus away from press releases and media headlines and towards substantial action. If the government believes it has viable growth strategies, it should prioritize implementation over public relations. While it’s understandable to shy away from criticism, decisive actions that yield positive outcomes could enhance ministers’ reputations in the long run.

Additionally, negotiations are essential. Should the government grant striking train drivers a pay increase above inflation, alongside a four-day workweek, it must seek concessions in return. Providing benefits without a counterbalance could set a dangerous precedent, especially considering the substantial public sector workforce, which exceeds six million. Yielding to union pressures without reciprocal agreements is not a sign of a pro-business environment.

Diversifying the economy and easing regulations in the financial sector are also critical. The constraints faced by financial services, which significantly contribute to the economy and employment, must be addressed. The 2008 financial crisis demonstrated the risks of overreliance on this sector, urging a need for balanced growth.

Furthermore, supporting the UK tech ecosystem, especially scale-ups, is vital. While startups drive innovation, scale-ups represent the succeeding phase—established yet young companies poised for significant growth and contribution. They play a crucial role in generating tax revenues, creating jobs, and enhancing the UK’s global influence.

It is also essential to focus on small and medium-sized enterprises (SMEs), as over 80 percent of UK businesses fall into this category. These companies cannot expand under heavy regulatory burdens. The government must recognize that proposed employment laws and potential national insurance increases discourage SMEs from hiring. As the budget announcement approaches, relief for these businesses is desperately needed.

Finally, the anticipated rise in capital gains tax poses concerns for entrepreneurs. Having transitioned from a secure corporate position to building a business, the prospect of highly taxing a successful exit discourages risk-taking. When exhaustively investing time and effort yields diminished returns, what motivation remains for entrepreneurs to persevere?

The current government campaigned on a growth-promoting agenda, and this upcoming budget should demonstrate its commitment to driving that growth for the benefit of the UK. Currently, the focus seems more on slogans and less on genuine strategies. I hope to be proven wrong on October 30.

Emma Sinclair is the chief executive of EnterpriseAlumni, a British entrepreneur.