The Chancellor of
the Exchequer, George Osborne and Business Secretary Vince Cable
today announced a fundamental review of what all parts of
Government are doing to create the best conditions for private
sector growth.
Building on the action already taken by Government and outlined
in the paper, T
he path to strong
,
sustaina
b
le and
b
alanced growth, business is being invited to take part in
this work which will challenge every Government department on the
measures being taken to tackle barriers to growth.
The growth review will start with an intensive programme of work,
based on the evidence provided by business, to report by Budget
2011. Departments will be required to present Action Plans to a
Ministerial Ad hoc Group chaired by the Chancellor and Business
Secretary, on what contribution they will make to:
reform structural barriers across the whole economy in planning,
competition, trade and investment, regulation, access to finance
and corporate governance;remove barriers in sectors where there
are clear opportunities for growth and where Government can make a
difference: construction; retail; health and life sciences;
professional and business services; manufacturing; and digital and
creative industries.
This is just the start. These specific sectors and structural
areas have been identified as a priority for the Government, over
the course of the review, the Government will need to take a
forensic look at all sectors of the economy. The work will
continue for the lifetime of this Parliament, ensuring all
Government departments think first and foremost about the impact
of their policies on growth.
Chancellor of the Exchequer, George Osborne, said:
“Alongside the corporate tax reforms announced today, the growth
review contributes to the Government’s drive to remove the
barriers to growth and improve British competitiveness.
“We have been clear that growth will be driven by the private
sector. By working closely with business and industry in this
intensive programme of work, Government can make sure that Britain
is open for business.”
Business Secretary, Vince Cable, said:
“Growth is the primary focus of the Government, but this will not
happen overnight. That’s why we’ve set out a long-term vision to
create the right conditions for future economic prosperity.
“We cannot lay out plans for how the economy will grow - growth
is delivered by the private sector. What we can do is provide the
conditions to promote a new economic dynamism, harnessing our
strengths, removing the barriers and putting the private sector
first when it comes to decisions on tax, regulation and spending.”
N otes for Editors
1. The paper T
he path to strong
,
sustaina
b
le and
b
alanced growth published today sets out the progress made
in the six months since the Government came to power to create the
essential conditions for private sector growth through its
four-part commitment to the private sector:
providing the stability business needs to plan and invest, for
example, fiscal consolidation, so that interest rates stay low and
businesses have the certainty they need to plan ahead;making
markets more dynamic by removing barriers to growth wherever
possible;focusing the Government’s own activities on providing the
conditions for private sector growth and investment; and ensuring
that strong growth is fairly shared and sustainable in the long
term.
2. The Ministerial Ad hoc Group will meet 6 times between the
launch of the growth review and the Budget, and will hold its
first meeting before the end of the year.
3. Alongside the Chancellor of the Exchequer and the Secretary of
State for Business, Innovation and Skills, the group will include
senior Ministers and business leaders. The Group will invite
relevant Secretaries of State to attend, depending on the issue
being discussed.
4. Box 2A in the document summarises the sectors which the
Government will prioritise in the first phase of the review.
5. The paper T
he path to strong
,
sustaina
b
le and
b
alanced growth can be found here:
www.bis.gov.uk/growth
Contacts:
BIS Press Office
NDS.BIS@coi.gsi.gov.uk