The strategy for growth will include measures to boost the house building industry, expand super-fast broadband, build new power stations and increase lending to businesses.
However, Mr Cameron insisted that dealing with the deficit must be “line one clause one, part one” of the plan for economic recovery. He said” I am absolutely clear about the right answer for the UK economy.”
Mr Cameron told the audience that the previous model of debt-driven consumer boom was “broken” and that the strategy should be for investment, more exports and a broader base to an economic future.
Asked during a Q&A session what the Government was going to do to deliver short-term growth, Mr Cameron sad “I don’t think there is one silver bullet that will make British business say ‘this is it’. I think there is a clear agenda across all those agendas.”
The Prime Minister also indicated that Chancellor George Osborne would be unveiling a new credit easing scheme in next week’s Autumn Statement, that would “pump billions” into reduced lending costs to SMEs and that the Government would use its huge purchasing power to strengthen the SME sector.
Reaction from the delegates to Mr Cameron’s speech was generally positive. Sir David Arculus, Chairman of small business bank Adermore, agreed that the deficit reduction message had to remain central and said “I don’t think that the toughness of the deficit reduction has ... hit home fully yet.”
Kanat Emirolgu, Managing Director of British Gas Business said that the Government should put more pressure on Europe to reduce regulatory barriers to the sales of services on the Continent.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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