Cameron Promises Growth, Jobs Over Next 4 Years Despite Budget Cuts
London, England, United Kingdom (AHN) – British Prime Minister David Cameron attempted Monday to win back the trust of Britons after Chancellor George Osborne unveiled last week a spending review that revealed $121.5 billion (81 billion pounds) in program cuts. Cameron was scheduled to promise jobs and growth over the next four years as part of a new economic dynamism the coalition government will pursue.
Cameron’s speech at the Confederation of British Industries sought to counter fears that the austerity measures will place at risk the country’s fragile economic recovery. A major British think tank has warned that the budget cuts will affect all British families, regardless of their economic standing.
To boost the British economy, which in turn is expected to create growth, jobs and opportunities, Cameron secured the backing of big business in opening up access to finance, creating an attractive business environment for venture capital funding and opening lending anew to small businesses.
Cameron expects the private sector to take the lead in replacing the 500,000 public sector jobs to be lost because of the budget cuts.
Deputy Prime Minister Nick Clegg and Business Secretary Vince Cable will also address the CBI in a bid to convince business leaders that the spending review would not result to a double-dip recession for Britain. However, gross domestic product figures scheduled for release this week are expected to confirm that growth has slowed in the third quarter to 0.4 percent from 1.2 percent in the second quarter.
Labor leader Ed Miliband will also address the CBI.
View full post on All Stories
