Spending review contained ‘little to stimulate growth’

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The chief executive of Derbyshire Chamber of Commerce has said there was little to stimulate growth in George Osborne’s Spending Review this week.

George Gowcher was speaking after the Chancellor unveiled £11.5bn in spending cuts for the first year after the 2015 general election on Wednesday.

He said there should have been a more “radical shift” to investment which could create more economic stability, jobs, export and growth.

“The Chancellor said one of his three guiding principles for the Spending Review this year was growth, yet there was little contained in his speech to back up that aspiration,” Mr Gowcher said.

“With further fallout from the public sector expected in the short-to-medium term, private sector businesses will be under even more pressure to create the jobs to absorb these losses, but they need more support in order to do so.

“The economy is starting to show some positive signs of recovery and returning business confidence.

“It’s absolutely vital that Government harnesses this progress by shifting its spending priorities towards productive programmes which underpin a truly enterprise-friendly environment.”

Mr Gowcher added that there was some good news in the road investments announced by the Chancellor.

He said: “Businesses will welcome the planned £50bn investment in the UK’s road network – part of a larger £300bn package dubbed the largest investment in our roads for half a century.”