Jeremy Corbyn speaks to the CBI - Politics live

Andrew Sparrow

from on 2016-11-21 18:20 (#22D64)

Rolling coverage of all the day's political developments as they happen, including Theresa May and Jeremy Corbyn's speeches to the CBI conference

6.20pm GMT

Labour will be on the side of the innovators, entrepreneurs and investors that our economy and our workforce need. We will use public intervention to unleash the creativity and potential of entrepreneurial Britain.

Labour is open.

During my life I have managed to visit a very large number of countries and I have found good in all of them and I have found some things very bad in all of them as well. I would not say I have any Mecca anywhere. What I do admire is the sense of public investment and enterprise that comes with the Scandinavian countries and the way in which they prioritise education and social justice in their thinking. So I admire what they do.

But then you also admire the innovation and skills of many living in very poor countries, particularly trying to develop sustainable, innovative agriculture in a very difficult situation. So I have admired many people in many African and Latin American countries that have also done a great deal to promote innovative ideas and growth.

6.11pm GMT

Here is Bloomberg's David Hellier on the reception Jeremy Corbyn got at the CBI.

Surprisingly perhaps Jeremy Corbyn is led off to warm applause despite promising higher corporation taxes if Labour got to power. #cbi2016

Not sure they quite know what to make of him - but generous round of applause for Jeremy Corbyn at CBI Annual Conference

6.04pm GMT

Q: What would you do to get hundreds of thousands of homes built quickly?

Corbyn says he would let councils borrow against their assets and income stream.

6.01pm GMT

Corbyn says if Britain is to have a manufacturing industry, it needs a steel industry.

A Labour government would prevent dumping of cheap Chinese steel, he says.

5.59pm GMT

Q: Is there an economy or a country that you admire?

Corbyn says he has visited a large number of countries. He has found good in all of them, and some bad things in all of them too. He says he likes the investment you see in Scandanavian countries. But he also admires the innovation you see in very poor countries. We learn from each other, and from travel, he says. He does not have one "Mecca".

5.58pm GMT

This is from the BBC's Laura Kuenssberg.

Govt drops income based rents policy for housing benefit tenants - plan was those earning more would pay more, another policy ditched

5.57pm GMT

Q: How would a future Labour government tackle inequality?

Corbyn says it starts at nursery age. He says his determination would be to invest more in giving children a good start.

5.54pm GMT

Corbyn is now taking questions.

Q: What can you do to help with innovation?

5.53pm GMT

Corbyn says Labour will ban exploitative zero-hours contracts.

And it will raise the minimum wage to 10.

Labour is open: we're open to change, open to new ideas and open to working with you.

In return, we ask you to be open, to listening to the workforce, in the boardroom as well as the shopfloor.

5.52pm GMT

Corbyn says that, in return for the government investing in infrastructure and skills, Labour expects firms to pay their taxes.

5.50pm GMT

Corbyn says the future will require fresh thinking.

In 1963, Harold Wilson famously said if the country was to prosper a 'New Britain' would need to be forged in the white heat of a scientific revolution.

More than 50 years later, we now face the task of creating a New Britain, not just out of Brexit and a new relationship with Europe, but from the challenge of the fourth industrial revolution.

5.48pm GMT

Corbyn calls for more investment in schools and nurseries in the autumn statement.

I hope in the autumn statement we will see two more things, the reversal of what would be the largest real terms cut in the schools budget since the 1970s and the funding for the government's nurseries pledge.

5.47pm GMT

Corbyn says government has a role to play helping business.

The progressive policies of previous Labour governments helped civilise, industrialise, educate and deliver increased and shared prosperity.

Government doing what all good businesses do.

5.46pm GMT

He also criticises May for watering down her plans for workers on company boards.

And we need to see genuine employee representation at board level , which the prime minister promised, but I see is already backing away from.

5.45pm GMT

Corbyn criticises Theresa May for proposing further cuts to corporation tax.

I would argue that this common ground between us on infrastructure , investing in people and skills, R&D and housebuilding are all examples of common-good intervention.

Of course, businesses will need to contribute.

5.44pm GMT

Corbyn calls for "a dramatic increase in the number of affordable homes" being built.

Labour would support innovation, he says, by meeting the OECD target of spending 3% of GDP a year on R&D.

5.41pm GMT

Corbyn says he will set out a "new settlement with business".

First and foremost, a Labour government will prioritise investing in our economy.

To support investment-led growth Labour will put a National Investment Bank at the centre of our plan to rebuild and transform Britain.

5.40pm GMT

Corbyn says John McDonnell set out Labour's stance on the autumn statement in his speech last week.

And he says Labour and the CBI have common ground.

I see we have plenty of common ground with the CBI.

In your submission for the autumn statement you called on the government to "invest for the future, prioritising measures that boost productivity and increase life chances across all regions and nations."

5.37pm GMT

Corbyn says the government's economic policy has failed.

After six wasted years, the government's failure to invest in infrastructure and scientific research has put at risk our future prosperity.

British employees are now a third less productive than American, German and French workers, not because they don't have the drive, talent and spirit to succeed, but because this government prioritised ideological cuts over investing in Britain's prosperity.

5.35pm GMT

Corbyn says the government has created "huge uncertainty" by not having a plan for Brexit.

Following the British people's decision to leave the European Union, businesses have been plunged into huge uncertainty by a government which has no plan at all.

I believe when it comes to government there's bad intervention and good intervention.

5.29pm GMT

And there's a self-deprecating joke.

Now the TUC, under my friend Frances O'Grady, and the CBI are both led by women.

And I'd also like to congratulate Paula Nickolds on becoming John Lewis' first female managing director.

5.29pm GMT

Jeremy Corbyn, the Labour leader, is addressing the CBI conference now.

He praises the CBI for having a woman as director general, Carolyn Fairbairn.

5.26pm GMT

In a statement on Facebook Suzanne Evans, one of the Ukip leadership challengers, has said Diane James should leave the European parliament now that she has left the party. Evans says:

I am very sorry to hear Diane James has decided to leave UKIP. I am sure she has her own personal reasons and I do not question those. However she, like Steven Woolfe, were both elected as MEPs on a UKIP ticket, not as individuals. If they have any honour or integrity, both should now stand down as MEPs and vacate their seats. I reiterate my call for defectors Amjad Bashir and Janice Atkinson to do the same, for the same reasons.

5.22pm GMT

Jeremy Corbyn has tweeted this ahead of his speech to the CBI.

I'm giving a #CBI2016 speech about how Labour will rebuild and transform Britain so that no one and no community is left behind #CBI2016 pic.twitter.com/Be4YZkgkje

Watch my #CBI2016 speech live at 5.25pm here a' https://t.co/qNreELQ63V pic.twitter.com/RQzjVzohjO

5.01pm GMT

Michael Barnier, the European commission's chief Brexit negotiator, has been tweeting about his meeting with David Davis today. (See 4.40pm.)

Effectively he seems to be saying he is not interested in anything the UK has to say until it triggers article 50. It's a diplomatic version of the bum's rush.

Ce matin rencontre de courtoisie avec @daviddavismp i sa demande. Pas de ni(C)go avant notification .Mon travail se concentre sur UE27. #Brexit

This morning courtesy visit from @daviddavismp at his request. No negotiation without notification. My work is now focused on EU27. #Brexit.

EU's top Brexit negotiator: "Nice to see you, but come back when you have an offer to make." https://t.co/XlVb4nDZuw

4.55pm GMT

They have lost seven senior lawyers, three chairs and several survivors groups and it is now impossible to see this inquiry is still effectively operating.

This may be the last chance that the prime minister and her home secretary have to rescue the inquiry that she set up, from collapse.

4.44pm GMT

The IPPR thinktank has criticised Theresa May for her decision to water down her plans to put workers on company boards. Mathew Lawrence, an IPPR fellow on political and democratic reform, said:

Brexit was a signal that people want more control over their lives. In the workplace it is obvious why: the UK is ranked ahead of only Bulgaria, Estonia, Latvia and Lithuania within the EU in terms of giving people influence in their own workplace.

Any decision to row back on workers on boards would be a step in the wrong direction. Worker representation on boards isn't a radical move. Among our more productive, investment-rich European competitors it is commonplace. The aim of corporate governance reform, after all, must be to address the UK's core economic weaknesses on productivity, investment and fair growth.

4.40pm GMT

On his visit to Brussels today (see 3.34pm) David Davis, the Brexit secretary, met Michel Barner, the European commission's chief Brexit negotiator. The commission was downplaying the significance of the meeting. A commission spokesman said:

Michel Barnier had a courtesy coffee today with Mr David Davis, at his request, to re-establish contact. They confirmed that there can be no negotiations before notification.

They agreed to work towards an orderly withdrawal of the UK from the EU once the UK has notified the European Council of its intention to withdraw.

4.35pm GMT

The prime minister's spokeswoman has told journalists that there is no question of the government seeking to extend the withdrawal negotiations beyond the two-year limit set out in article 50. "We will not be seeking to extend the article 50 process," she said.

But that does not mean the government will not seek a transitional deal, as Theresa May hinted it might when she spoke to the CBI this morning. A transitional deal would kick in after the article 50 withdrawal process was over.

4.23pm GMT

Here is Diane James' statement announcing her resignation from Ukip.

She says she is going because her relationship with the party has become "increasingly difficult".

Statement from Diane James on becoming an Independent Member of the European Parliament. pic.twitter.com/VavCHx28AM

4.20pm GMT

Former Ukip leader Diane James has quit the party, her office has confirmed.

4.17pm GMT

Diane James, who spent 18 days as Ukip leader before her surprise resignation, has quit the party, Sky News is reporting.

BREAK: In another blow to embattled party former leader @DianeJamesMEP has QUIT UKIP. Sources tell me, felt it was right moment to move on.

4.02pm GMT

Tim Roache, the GMB general secretary, has accused Theresa May of breaking her promise over putting workers on company boards. (See 12.19pm.) In a statement he said:

The Tories can claim to be the party of workers all they want, but actions speak louder than warm words.

That the prime minister stood in front of big business today and watered down a pledge made just a few months ago shows us all we need to know.

3.58pm GMT

Last year the prime minister's speech to the CBI was interrupted by two Vote Leave protesters masquerading as businessmen attending the conference.

This year the prime minster was disrupted by a moth. The Evening Standard has the full story.

3.48pm GMT

Labour's Diane Abbott says the inquiry is on its fourth chair. Why should survivors be reassured.

She accepts that the inquiry is independent. But that does not mean ministers should take no responsibility.

3.43pm GMT

Newton is responding to Nandy.

She says safeguarding children is at the core of the government's priorities.

3.42pm GMT

Labour's Lisa Nandy says the inquiry is unravelling.

Has the home secretary met survivors' groups?

3.40pm GMT

The Home Office minister Sarah Newton is responding to the UQ.

She says Alexis Jay was appointed to chair the inquiry in the summer, after Dame Lowell Goddard resigned. She is the right person to take this work forward, Newton says.

3.34pm GMT

Here is a link to the page on the ICM website with the tables from today's Guardian poll.

3.32pm GMT

David Davis, the Brexit secretary, is in Brussels today for the first in what will be a series of visits to EU capitals to discuss Brexit. He is not opening negotiations, but his officials say he is there "to lay the ground for a constructive dialogue".

In a statement Davis said:

I want to begin the work of ensuring we have positive, strong, and productive relationship with our closest neighbours.

The people of the UK have made a clear decision to leave the EU, and that is one the government will respect and implement.

3.28pm GMT

At 3.30pm the Labour MP Lisa Nandy is asking an urgent question about the child sexual abuse inquiry.

Over the weekend two more victims groups said they had lost confidence in its leadership.

3.19pm GMT

Our ICM poll (see 2.11pm) also included a question about whether Nigel Farage, the outgoing Ukip leader, should be given a peerage. There has been considerable speculation about the possible of his being offered one, not least since Theresa May refused to rule out the idea at PMQs last week.

But there is no popular appetite for sending Farage to the House of Lords. Asked if he should get a peerage, the results were:

This newspaper is no fan of Ukip, but nor can it abide the antidemocratic stitch-up by which lords are currently appointed. Even before its regrettable triumph in the Brexit referendum, Ukip was the third-biggest party in Britain by general-election vote share. That it must still beg to nominate a single member of the bloated, 812-member upper house is a scandal. Mr Farage should be ennobled at once, along with a few of his colleagues, peerless fools though they may be.

Aside from 26 bishops of the Church of England, who get an automatic place, Lords are appointed at the discretion of the prime minister. Prime ministers normally claim to make their appointments reflect either the popular vote or the make-up of the elected House of Commons, both of which tend to let them nominate more from their own side. Yet neither approach justifies overlooking Ukip. By vote-share, Ukip has for more than a decade trumped various smaller parties that are represented in the Lords; last year it eclipsed even the Liberal Democrats, who have 104 peers. Governments sometimes argued that Ukip could be ignored because of its failure to win any seats in the Commons, something those smaller parties had all managed. (This argument also justified not giving peerages to the far-right British National Party.) But in 2014 Ukip won its first Commons seats. The injustice now is glaring ...

2.41pm GMT

Pat McFadden, the Labour MP and a spokesman for Open Britain, which is campaigning to keep the UK in the single market, has welcomed Theresa May's hint that UK will seek a transitional Brexit deal. He said:

It is good that the prime minister understands the dangers of a cliff edge for the economy during the Brexit negotiations. Some within her party seem to be pushing for a hard Brexit whatever the economic consequences. However, without a transitional agreement between leaving and agreeing the future arrangements, the danger is that the UK would fall out of the single market and customs union, incurring tariffs for our manufacturing industry, losing passporting rights for our financial services, and posing threats to our agriculture. None of that is good for jobs or living standards.

A transitional agreement is therefore vital, but we need much more clarity about what the government is aiming for. With the chancellor warning of the dangers of uncertainty, continuing with vagueness is simply going to make it harder for investors and job creators.

2.11pm GMT

The Guardian's latest ICM polling figures are out. Donald Trump's election has triggered a fresh bout of soul-searching about the value of polls but, as the politics professor Will Jennings argues in a Staggers blog, ignoring them would just be a mistake. The key is just to keep the findings in perspective. So, with that in mind, here goes ...

Economic competence

1.04pm GMT

Here is Clive Lewis, the shadow business secretary, on Theresa May's speech.

While I welcome the government's commitment to start reversing the decline in research and development (R&D) spend, this is woefully inadequate and risks being too little too late

And it comes on the same day that the prime minister announced she is ditching her flagship policy to put workers on company boards - just one month after committing to it. Tory promises don't last until Christmas.

1.00pm GMT

Leave Means Leave, the successor organisation to Leave.EU, has put out a statement saying a transitional Brexit deal would be unacceptable. Richard Tice, its co-chair, said:

Businesses want certainty as soon as possible, which is why Britain must leave the EU within a maximum period of two years after triggering article 50 - no EU deal is better than a bad deal - and leaving the single market and customs union as soon as possible are key to enabling the UK to take the opportunities provided by Brexit.

A transitional deal will fuel more uncertainty and leave Britain in limbo.

12.49pm GMT

Theresa May's comment about a transitional Brexit deal (see 10.29am) is significant because it amounts to the strongest hint yet that the government will not let the UK simply crash out of the EU in early 2019 without business having the protection of some sort of parachute.

The demand for a transitional deal has arisen because there is a severe mismatch between the two timetables that will apply when the government negotiates Brexit. Triggering article 50, which May has promised to do before the end of March next year, will lead to the UK leaving the EU after two years. But if the UK wants a free trade deal with the EU, as seems likely, negotiating that within two years is almost certain to prove impossible. Most experts this would easily take five years, or more.

12.19pm GMT

During the Conservative leadership contest, in a fascinating and rather leftwing speech in Birmingham, Theresa May presented herself as an unusual sort of Tory when she called for a new approach to the economy and championed the importance of having an industrial strategy. Today she had a chance to flesh out her thinking in this area in a speech that mostly focused on industrial issues. She started strongly, stressing her commitment to capitalism and free markets, but arguing that she can only defend them if they work for everyone, and much of her analysis was quite sound.

But the answers she was offering did not really match the scale of the problem she identified. She said that Britain wanted to "lead the world in understanding the extent to which some people feel left behind by the forces of capitalism". Yet much of what she said about industrial policy and the importance of long-term investment could have been said - indeed, has been said - by every prime minister at least since John Major in the 1990s. (For example, she even announced a review to promote longterm investment that sounds remarkably similar to the one Vince Cable launched in 2012.) And the speech will remembered for what is effectively a U-turn on putting workers on company boards. If the government really wants to quell the forces driving Brexit and Trump, it is going to need more than this.

Let me be clear about some important points.

First, while it is important that the voices of workers and consumers should be represented, I can categorically tell you that this is not about mandating works councils, or the direct appointment of workers or trade union representatives on boards.

As part of the changes I want to make to corporate governance, I want to make shareholder votes on corporate pay not just advisory but binding. I want to see more transparency, including the full disclosure of bonus targets and the publication of "pay multiple" data: that is, the ratio between the CEO's pay and the average company worker's pay. And I want to simplify the way bonuses are paid so that the bosses' incentives are better aligned with the long-term interests of the company and its shareholders.

Government can also step up to help drive innovative procurement, particularly from small businesses - just as the United States does so effectively. There, strategic use of government procurement not only spurs innovation in the public sector, it gives new firms a foot in the door. In fact, many of the technologies in your smartphone, from touchscreens to voice recognition, were originally commissioned, not by Apple or Microsoft, but by the US government.

So I can announce today that we will review our Small Business Research Initiative and look at how we can increase its impact and give more innovators their first break. And that Cambridge entrepreneur David Connell will lead the review and report back next year.

We want to go further, and look at how we can make our support even more effective - because my aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also a tax system that is profoundly pro-innovation.

The right approach is not to rush ahead without doing the ground work, but to take the time to get our negotiating position clear before we proceed.

11.28am GMT

Frances O'Grady, the TUC general secretary, has accused Theresa May of breaking her promise to put workers on company boards. O'Grady said:

Theresa May made a clear promise to have workers represented on company boards. The proposals in her speech do not deliver on this. This is not the way to show that you want to govern for ordinary working people.

11.15am GMT

This is what Paul Drescher, the CBI president, said in his speech to the conference about why business wants a transitional deal for Brexit. Theresa May referred to his comments in her own answer to a question about a transitional deal. (See 10.29am.) Drescher said:

And there's another important question: what happens on the day after Brexit?

When the clock strikes midnight, and our two years' negotiating time is up?

11.06am GMT

In a Facebook post Robert Peston, ITV's political editor, says he expects Jeremy Corbyn, the Labour leader, to accuse Theresa May of a "U-turn" on her proposal to put workers on company boards.

11.02am GMT

Here is Terry Scuoler, chief executive of EEF, the manufacturers' organisation, on Theresa May's speech.

This is a welcome announcement which outlines the beginnings of what a post-Brexit modern industrial strategy should look like. This includes a significant focus on high-value science, research and development, more intelligent use of government procurement and greater commitment to commercialise our successes.

10.37am GMT

Here is the full text of Theresa May's speech to the CBI.

10.37am GMT

Here is Rebecca Long-Bailey, the shadow chief secretary to the Treasury, responding to Theresa May's hint that corporation tax could be cut. (See 9.45am.)

Theresa May's announcement that big business will be receiving yet another tax break whilst two million working people face losing 2,100 a year in universal credit cuts just shows that the Tories are still the party of the out-of-touch elite. Chancellor Philip Hammond must stand up to the prime minister and reverse planned cuts to iniversal credit and employment support allowance in Wednesday's autumn statement. Businesses need long term stability and support from government, not gimmicks.

Only Labour will make sure the super-rich and big business elite pay their fair share to deliver the public services we need. Labour will invest across the whole country to create decent jobs and make sure no part of our country is left behind again.

10.29am GMT

Here is the full reply Theresa May gave when asked if she would seek a transitional deal with the EU as part of Brexit. It is a clear hint that the UK will try to negotiate such a deal.

Obviously as we look at the negotiation we want to get the arrangement that is going to work best for the UK and the arrangement that is going to work best for business in the UK. And I'm conscious that there will be issues that will need to be looked at. I understand the point that Paul [Drechsler, CBI president] has made, others have made this point, that people don't want a cliff edge, they want to know with some certainty how things are going to go forward. That will be part of the work that we do in terms of the negotiation that we are undertaking with the European Union.

10.16am GMT

Q: Do you accept the need for a transitional deal on Brexit? The CBI seem to want one, but some of your MPs are very opposed.

May says she wants what will work best for the UK. She understands that people do not want a cliff edge. This will be part of the negotiation.

10.13am GMT

May is coughing quite a lot. She sounds a little under the weather.

10.13am GMT

Q: How will you persuade business to invest in the UK with the cloud of Brexit hanging over us?

May says the investment from "the Facebook" shows just how attractive the UK is as an investment location.

10.11am GMT

May is taking questions now.

Q: Business want to hear a plan for Brexit. When will they hear it?

10.10am GMT

May clarifies her 'workers on boards' plans.

Some companies may find that these models work best for them - but there are other routes that use existing Board structures, complemented or supplemented by advisory councils or panels, to ensure all those with a stake in the company are properly represented. It will be a question of finding the model that works.

10.09am GMT

May turns to corporate governance.

We all know that in recent years the reputation of business as a whole has been bruised. Trust in business runs at just 35% among those in the lowest income brackets.

The behaviour of a limited few has damaged the reputation of the many. And fair or not, it is clear that something has to change.

10.05am GMT

May says government must play a part too.

10.05am GMT

May says she wants to help firms capitalise on innovative ideas.

There is no point having great ideas, great products, great start ups, if you can't get the investment you need to grow your business here. For while the UK ranks 3rd in the OECD for the number of start-ups we create, we are only 13th for the number that go-on to become scale-up businesses.

I want us to turn our bright start-ups into successful scale-ups by backing them for the long-term. To do this we need to better understand where the barriers are, so I am pleased to announce we will launch a new Patient Capital Review - led by the Treasury - that will examine how we can break down the obstacles to getting long-term investment into innovative firms. The review will be supported by a panel of experts, and I am pleased to announce that Sir Damon Buffini has agreed to chair that panel.

10.02am GMT

May says she wants the tax system to be "profoundly pro-innovation".

Since 2010 we have made the Research and Development Credit more generous and easier to use - and support has risen from 1bn to almost 2.5 billion a year.

Now we want to go further, and look at how we can make our support even more effective - because my aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also a tax system that is profoundly pro-innovation.

10.02am GMT

May says today she wants to make specific proposals for research and development.

In the autumn statement on Wednesday, we will commit to substantial real terms increases in government investment in R&D - investing an extra 2 billion a year by the end of this Parliament to help put post-Brexit Britain at the cutting edge of science and tech.

A new Industrial Strategy Challenge Fund will direct some of that investment to scientific research and the development of a number of priority technologies in particular, helping to address Britain's historic weakness on commercialisation and turning our world-leading research into long-term success.

10.00am GMT

May says these are the challenges the government will address in an industrial strategy green paper before the end of the year, to be followed by a white paper "early in the new year".

9.59am GMT

May says the economy has many strengths.

But it is also important to be "frank" about the economy's weaknesses too, she says.

We have more Nobel Laureates than any country outside the United States, but all too often great ideas developed here end up being commercialised elsewhere.

We are home to one of the world's financial capitals, but too frequently fast-growing firms can't get the patient long-term capital investment they require, and have to sell-out to overseas investors to access the finance they need.

9.58am GMT

But there is more the government can do, says May.

That is why one of my first actions as Prime Minister was to establish a new department with specific responsibility for developing a modern Industrial Strategy. A strategy that will back Britain's strategic strengths and tackle our underlying weaknesses.

9.57am GMT

May says there have been "massive votes of confidence" in the UK since Brexit.

We have already received massive votes of confidence in Britain's long-term future from some of the world's most innovative companies. Nissan's decision to build two next generation models at its plant in the North East, securing 7,000 jobs. A record 24 billion investment from Softbank in Britain's future; a 500 million expansion and 3,000 jobs from Jaguar Land Rover; a 200 million investment from Honda, 275 million from Glaxo Smith Kline; investment in a new headquarters from Apple; an estimated 1 billion investment and 3,000 new jobs from Google; and this morning Facebook have announced a 50% increase in their workforce in the UK by the end of 2017.

9.55am GMT

May says she knows that Brexit creates uncertainties.

And there are certainly challenges.

I believe that if we approach the difficult negotiations to come in the right way, with the right spirit, we can strike a deal that's right for Britain and right for the rest of Europe too.

And the right approach is not to rush ahead without doing the ground work, but to take the time to get our negotiating position clear before we proceed. It is not to seek to replicate the deal that any other country has, but to craft a new arrangement that's right for us and right for Europe - recognising that a strong EU is good for Britain. It's not to provide a running commentary on every twist and turn, but to acknowledge that businesses and others need some clarity - so where I can set out our plans without prejudicing the negotiation to come I will.

9.52am GMT

May says the autumn statement will include an agenda ambitious for business, and ambitious for Britain.

Philip Hammond, the chancellor, will say what can be done to boost the UK's long-term economic success.

9.51am GMT

May says people want change. And she will deliver the change they want.

For government, that means not just stepping back, but stepping up to a new active role that backs business.

9.50am GMT

Theresa May starts by saying the government believes in capitalism and business.

But she is here today not just to reaffirm these beliefs, but to say that if we believe in capitalism, it is necessary to embrace reform.

9.46am GMT

Theresa May is starting her speech to the CBI conference now.

9.45am GMT

The fire alarm is over.

Some newspapers were briefed last night that Theresa May will use her speech to commit the government to giving Britain the lowest corporation tax in the G20. According to the Times she will say:

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.

During his campaign, Mr Trump promised to cut the federal business tax rate from 35 per cent to 15 per cent, which would bring it lower than the British level of 20 per cent. Under existing plans, UK corporation tax - a levy on profits- is due to drop to 17 per cent by 2020. The Resolution Foundation, a think tank specialising in economic and social policy, said yesterday that it would cost 10 billion a year fully to implement the drop to 15 per cent.

In the next parliament, we want to maintain the most competitive business tax regime in the G20, and oppose Labour's plans to increase corporation tax.

9.26am GMT

Here is Chuka Umunna, the former shadow business secretary, on Theresa May's speech.

These people (like the PM) talking as if having an active industrial strategy is a new idea! Where have they been?! https://t.co/H5Mx5gtIxN

Our 2015 Business Manifesto. Theresa May and others' calls for an industrial strategy are a tribute to @Ed_Miliband https://t.co/DBAQincOuo

9.15am GMT

Here is Frances O'Grady, the TUC general secretary, challenging Theresa May to keep her promise to put workers on company boards. (See 8.56am.)

If Mrs May says #Brexit means Brexit, surely workers on boards means workers on boards? https://t.co/y1iPAtiTSP

9.08am GMT

The government is due to publish its actual proposals to boost worker representation on company boards in a green paper on corporate governance later this year. On the Today programme this morning Greg Clark, the business secretary, confirmed that this would not necessarily mean actual workers having seats on boards. Asked what the government would propose, Clark replied:

There are different ways of doing this. Theresa May has talked about an economy that works for everyone - that includes workers, employees, consumers, the supply chain businesses - so we will put forward a series of ways in which those voices can be represented on boards. We will publish those plans. We will have options. We are working with business.

It is very important that the confidence that the employees in every part of the country have that very successful British business works for them is something that Theresa May and this government takes very much to its heart and we are acting on it.

End of workers on boards idea -'we will look at different ways' says Biz sec Greg Clark - olive branch to biz from govt as May heads to CBI

9.01am GMT

In his Financial Times preview of Theresa May's speech (subscription) George Parker describes one of the ideas that May is apparently looking at as an alternative to having workers on company boards.

The prime minister is looking at alternative models, rather than having an ordinary worker at board meetings. This could include a director instructed to reflect shop floor or consumer opinion.

8.56am GMT

When Theresa May became prime minister she said that she did not want her government to be defined by Brexit. For the last four months she has been conspicuously failing to achieve this ambition - Brexit has overshadowed almost everything else the government had done, virtually on a daily basis - but this morning May will step away from EU policy for a moment and give a speech to the CBI setting our her vision of how business should operate in Britain.

Some aspects of the speech have already been briefing in advance. May will commit the UK to a 2bn annual fund for scientific research and development and a review of tax incentives for innovative corporations in an effort to boost the technology industry. She will reaffirm the government's commitment to keep business taxes lower than in any other G20 country. But she is also expected to signal that she is watering down her plan to force firms to have workers' represented on company boards.

The people who run big businesses are supposed to be accountable to outsiders, to non-executive directors, who are supposed to ask the difficult questions, think about the long-term and defend the interests of shareholders. In practice, they are drawn from the same, narrow social and professional circles as the executive team and - as we have seen time and time again - the scrutiny they provide is just not good enough. So if I'm Prime Minister, we're going to change that system - and we're going to have not just consumers represented on company boards, but employees as well.

I am asking British businesses to work with me to change this. It will mean establishing the best corporate governance of any major economy, ensuring the voices of employees and consumers are properly represented in board deliberations and reforming executive pay. This will be essential to ensure business maintains and - where necessary - regains public trust.

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