By Hugo Duncan
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British business will today launch a stinging attack on embattled ministers over the state of the ailing economy.
Calling for ‘bold action to deliver growth’, the British Chambers of Commerce will publish a list of demands including the creation of a business bank to lend to small firms and an assault on red tape.
‘We need growth and we need it now,’ BCC director general John Longworth will say.
‘Without a bold, enterprise-friendly government, the economy will continue to bump along the bottom.’
Worrying: Than banking crisis in Spain threatens the eurozone, and in turn Britain
It comes as the storm clouds hanging over the global economy darken with the banking crisis in Spain threatening to tip the eurozone into the abyss.
First-quarter growth in the US has been downgraded from an annual rate of 2.2pc to 1.9pc, and expansion in India slumped from 9.2pc at the end of 2011 to 5.3pc at the start of 2012 â€" the worst reading for nine years.
Charlie Bean, deputy governor of the Bank of England, hinted a further round of quantitative easing could be sanctioned on top of the £325bn of money already printed.
‘We have the scope to do more,’ he said. ‘We will certainly do whatever we can to try and ensure that if events beyond shores turn out badly we can minimise the impact over here. But it will be difficult.’
In its latest quarterly economic forecast published today, the BCC will cut its UK growth prediction for 2012 from 0.6pc to just 0.1pc.
The lobby group will say that cutting the deficit is ‘crucial to maintain the UK’s market credibility’ but must be accompanied by a plan for growth.
It will urge the government to put a moratorium on new European regulation ‘that hinders businesses’ and come up with ‘clear, long-term strategies’ on aviation and energy. It will also call for more infrastructure investment.
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If you want to take "Bold Action" They should allow Farmers who are at the very edge of the Green Belt to rent out Farm Buildings for Business Use. Certainly the first half mile of the Green Belt around many towns and cities are littered with unsitely collections of Stables, Mobile Homes Etc. And you can build an Indoor Riding Arena the size of an Aircraft Hanger in the Green Belt with no objection from the planners, but as soon as somebody wants to start a business its not allowed. And look at the construction industry, no houses are being built as they have run out of land. Again release half a mile of Green Belt land around cities EVERY 50 YEARS, that would create jobs.
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No more QE please! This is just ridiculous. QE and low Interest rates have not delivered growth for the last 4-5 years. This is a supply side problem, the MPC should fight inflation and increase IR's.
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