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The call for action follows the Chartered Insurance Institute’s recent MPs survey which revealed that politicians believed that of all the factors involved in driving competitiveness a well-trained workforce was the most important.

In addition, earlier this year the Chartered Insurance Institute annual membership skills survey found that 83 per cent of employers questioned said they thought that there was a clear link between a firm’s profits and its investment in training.

David Thomson, director of policy and public affairs for the Chartered Insurance Institute, joined the Labour conference in Manchester this month, chaired by David Lammy, secretary of state for skills, to discuss the skills challenge facing UK business.

Mr Thomson will also join John Hayes, shadow minister for vocational education, in Birmingham at the end of September to discuss the UK skills crisis.

Mr Thomson said: “With the turmoil in the global financial markets, with yet more employees in the UK workplace feeling under threat, we must not take our eye off the ball in terms of skills.

“I am pleased that both the Labour and Conservative parties have decided to raise this important issue at their respective conferences.

“Businesses are at the moment focused on the immediate concerns of the economic slowdown and rightly so. But long-term sustainability of any business, as our membership survey shows, relies heavily on expertise, knowledge and competent staff.

“It is a big challenge – but it is a big prize.”