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BCC reviews Coalition's promises at half way point

As the Coalition reached its midway point on Wednesday, after two and a half years in term, the British Chamber of Commerce collared the Government on promises made when the British public made its political ambivalence quite clear.

Lasting recovery and growth were the major concern for the BCC, and although the Chamber accepted achievements made so far, it echoed the phrase that many Government critics use: “There is still a long way to go.”

BCC’s Director General, John Longworth, applauded tough decisions and action taken on country’s deficit reduction, and said progress in removing unnecessary bureaucracy for UK businesses was a step in the right direction.

Mr Longworth said: “Despite positive steps in some areas, the government still has more work to do over the coming months if we are to see a real improvement in the UK’s long-term growth prospects.”

Ministers were called upon to communicate with companies, and listen to their financial needs, while support to explore international markets was highlighted as a priority by the Chamber.

Recommendations were made to rescue “the UK’s crumbling infrastructure” and improve transport links domestically and overseas.

Mr Longworth continued: “The government and the Bank of England should use their balance sheets, both for targeted investment and for securitization, at a time when Britain has both market credibility and rock-bottom borrowing costs, or we will continue to fall behind our global competitors.”

BCC held the Government accountable to the pledges it made in 2009, and criticised the lack of tangible results it has achieved so far.

“It’s fair to say the government has been high on promises, but so far, low on delivery. In the Autumn Statement next month, we need to see bold leadership that will give businesses confidence to invest, create jobs and grow their companies which will in turn drive the economic recovery.”

This was posted in Bdaily's Members' News section by Miranda Dobson .