Prime minister unveils economic growth plans
Prime minister David Cameron has announced a three-step plan for ensuring growth and job creation throughout the UK.
Speaking in Manchester, Mr Cameron said these phases involve restoring health to the country's public finances, implementing a strategy for growth and, finally, making sure growth is distributed evenly.
The Conservative politician claimed the nation is already on track in reducing its budget deficit following the proposals set out in the Comprehensive Spending Review and he outlined several areas in which the government is concentrating on expansion.
"We're about actively getting behind business," he stated. "Over and over again studies show that around one in twenty companies - the small, high-growth firms - are responsible for half of new job creation."
Organisations will be boosted by a reduction in regulations and the lowest corporation tax in the G7 countries, Mr Cameron added.
Discussing the VAT rise, he admitted it was a "tough thing to do", but claimed it is better to put a tax on purchases than a tax on jobs.
However, Labour's shadow transport secretary Maria Eagle challenged these words, adding that it will not be much consolation to those who need to commute to work.
Petrol pump prices are increasing and train fares have jumped by ten per cent, she pointed out.
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