Slowing growth is the biggest threat to fiscal credibility: EEF
Monday 17 October 2011
The biggest threat to Britain's fiscal credibility is not its national debt but its growth prospects, a major manufacturing body warns today.
Britain must address the "growth deficit" by combining immediate measures to kickstart the economy with a longer term plan of reform to sustain growth and attract investment, according to the EEF.
Terry Scuoler, EEF's chief executive, said: "This autumn, the Government must gets its growth review back on track. Manufacturers are looking to invest but they need to see the government take the right decisions... timely and targeted measures are required now to boost investment and growth."
Mr Scuoler called on the Government to reduce unemployment regulation and the cost of fighting climate change, as well as boosting competition in the banking sector. "Last year, the biggest threat to growth came from our fiscal deficit. Today the biggest threat to reducing that deficit comes from weak growth. Failure to act now will only make the future challenges even bigger and risk undermining our hard- won fiscal credibility."
Among other things, Mr Scuoler is calling for measures making it easier for customers to switch bank accounts as well as a compensation package to reduce the financial burden of climate change policies on energy-intensive industries.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Driving while dehydrated can be just as dangerous as drink driving, study suggests
- 5 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Ben Affleck asked TV chiefs to hide slave-owning ancestry, new hacked Sony emails published by Wikileaks claim
Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...