Government Announce Strategy for Growth
Last month, in an effort to control the country’s deficit, the British Government announced plans to cut almost half a million jobs, reduce budgets and make welfare cuts. The announcement is to be followed by Cameron’s ‘Strategy for Growth’ speech at the Confederation of British Industry on Monday October 25th.
The conference will hear Cameron explain how his government, shared with the Liberal Democrats, hopes that more jobs will be created in the private sector and that banks will start lending to small businesses again soon.
“To create the growth, jobs and opportunities Britain needs, we’ve got to back the big businesses of tomorrow, not just the big businesses of today,” says Cameron. “That means opening up access to finance, creating an attractive environment for venture capital funding and getting banks lending to small businesses again.”
David Cameron will also unveil plans to invest in a network of technology innovation centres worth £200 million – which is intended to link British businesses with researchers at leading universities.
However, Labour leader Ed Miliband has argued that spending cuts would only cause Britain’s financial situation to deteriorate further and instead urged delegates to improve the regulation of the financial sector.
Other keynote speakers at the conference include Bob Diamond, boss of Barclays bank and BP Chief Bob Dudley – who took over the post from Tony Hayward after the oil spill incident off the Gulf of Mexico.
The Confederation of British Investment, which is Britain’s largest employers organisation and represents around 240,000 companies, has advised the Government to improve its compatibility for foreign investment as well as its taxation, planning and infrastructure.
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