?It is calling for immediate action to cut the costs deterring investment, simplify regulations to unleash business and update its strategic offer. 

Among the recommendations in a new report, published today, the BCC is calling for ministers to:? 

• Commit to no further increase in taxes that add to labour costs. 
• Axe the windfall tax on oil and gas to address energy costs for business and provide a clear strategy for the North Sea’s transition to a renewable future. 
• Prioritise further infrastructure investment to support growth, including the new runways at Heathrow and Gatwick, and expansion of Luton airport. 
• Put rocket boosters under our economic diplomacy to unlock the full potential of ‘Brand Britain’. 

The report has been produced by the BCC’s Global Britain Challenge Group, drawing on expertise from businesses, academics and think tanks. 

The report highlights how the UK has fallen in global competitiveness rankings from the 9th most competitive nation in 1997 to 29th now. 

This slide has come at a time when international trade has been upended, and geopolitical upheaval is making every nation pause to assess its strategic business alliances. 

Against this background, it outlines how it is more important than ever that the UK stands out from the crowd. 

The report has more than 40 recommendations in total. It also calls for business rates to be revamped, a moratorium on new corporate reporting standards that impact the UK’s attractiveness for investment, and an annual audit of the UK’s competitiveness. 

Shevaun Haviland, Director General of the British Chambers of Commerce, said:????