By Kirsty Walker And Rob Davies
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Defence Secretary Philip Hammond risked further raising tensions between the Government and business leaders yesterday after accusing them of ‘whingeing’ .
Mr Hammond said that firms were sitting on a ‘large pile of cash’ and needed to do more to kickstart growth in the economy.
His comments followed strongly-worded remarks by Foreign Secretary William Hague at the weekend, who called on companies to stop complaining and ‘work harder’ to drag Britain out of the mire.Â
Minister: Philip Hammond has said big companies who are sitting on a 'large pile of cash' needed to do more to help boost the British economy
Mr Hammond warned that firms needed to do more, adding: ‘Large businesses are sitting on a pretty large pile of cash.
‘What we have to try to do is persuade businesses to take the plunge, to use some of their cash pile, to take a judgment about where demand is going, where the economy is going in the future, and be prepared to back their judgment with investment in British jobs and capacity in the British economy.’
Asked if he was accusing businesses of whingeing, he replied: ‘They are, yes, I suppose in a way whingeing about it.’
Top Tories: The Defence Secretary's comments followed similar remarks by Foreign Secretary William Hague at the weekend
Mr Hammond is one of the richest members of the Cabinet, with an estimated fortune of around £7.5million.
His stake in property company Castlemead, which builds luxury homes and care homes, has previously been estimated to be worth up to £6million in shares and dividends.
His comments came as David Cameron yesterday hosted a business summit in Downing Street.
Bosses from companies including Google, Sainsbury’s and BAE Systems were present at the quarterly get-together of the Prime Minister’s business advisory council.
One source at the summit said that business leaders had warned Mr Cameron that the Government needed to make clearer what it was doing to promote growth.
One said: ‘There was a feeling that the Government needed to communicate clearly and consistently why what they are doing will work and is the right thing to do and focus on the economy.’
John Walker, of the Federation of Small Businesses, said: ‘Most small bu siness owners are reasonably optimistic and six in ten are aiming to grow over the coming year.
‘But for that to happen, they need to feel confident that the Government will fulfil its promises to slash red tape.’
Disagreement: Sir Roger Carr, chairman of the Confederation of British Industry, is expected to hit back at ministers
Sir Roger Carr, chairman of the Confederation of British Industry and energy company Centrica, is expected to hit back at ministers over their ‘bash a business’ comments during a speech tomorrow night.
And the British Chamber of Commerce is also unhappy at the comments coming from ministers, saying companies were ‘busting a gut’ to find growth opportunities.
Dr Adam Marshall, of the BCC, said: ‘Businesses are already “straining every sinew†to deliver growth.Â
‘And many companies, both large and small, think that Government could do more.’Â
Speaking in the House of Commons yesterday, Business Secretary Vince Cable admitted there was no easy way for the Government to kickstart growth.
He added: ‘We are very conscious the absence of growth is a major challenge and it accounts for much of the frustration of the public.’
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Some large building firms were busting a gut to do work on the schools rebuilding programme. Whatever happened to that? Oh yes the government cut th eprogramme and the work to the private sector that goes with it. Public sector cuts ar eall fine and dandy i fthe don't impact the private sector, which of course in many cases they do.
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This from the man who has changed his mind on a large project how many times? His plans were so bad he has had to go back to Labour plans on new planes as they were cheaper and could work with the new ships.
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