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Deficit reduction plan backed
Business groups and the Bank of England governor Mervyn King have backed the new government's £6bn deficit reduction plan.
Mr King backed the plans for immediate cuts in an attempt to cut the UK's largest ever-peacetime deficit.
"I am pleased that there is a clear and binding commitment to accelerate the rate at which the deficit is tackled. It doesn't make sense to run the risk of adverse market reaction," he said.
The Confederation of British Industry (CBI) also backed the plans to cut the deficit.
"Business wants to see a stable government with the authority to take the tough decisions that will be required to keep the economic recovery on track and to get a grip on the fiscal deficit," said Richard Lambert, director general of the CBI.
Post Date: May 13th, 2010
Mr King backed the plans for immediate cuts in an attempt to cut the UK's largest ever-peacetime deficit.
"I am pleased that there is a clear and binding commitment to accelerate the rate at which the deficit is tackled. It doesn't make sense to run the risk of adverse market reaction," he said.
The Confederation of British Industry (CBI) also backed the plans to cut the deficit.
"Business wants to see a stable government with the authority to take the tough decisions that will be required to keep the economic recovery on track and to get a grip on the fiscal deficit," said Richard Lambert, director general of the CBI.
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Post Date: May 13th, 2010
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