Magazine article Public Finance

Cut Spending and Put More Services out to Market, CBI Tells Chancellor

Magazine article Public Finance

Cut Spending and Put More Services out to Market, CBI Tells Chancellor

Article excerpt

Public spending should be curtailed and services opened up to greater competition if the UK is to meet head-on the challenges of the twenty-first century, business leaders told the chancellor this week.

In its submission to the Comprehensive Spending Review, the CBI said public spending growth should be limited to no more than 1.6% per year in real terms if fiscal stability was to be maintained This is lower than the proposals already set out by the government and would mean a cut in planned public spending of £8bn. The CBI wants this saving to fund a tax cut for business to help maintain economic competitiveness.

The CBI coupled its spending proposals with a five-point plan to radically transform public service delivery and equip the nation to tackle the new challenges of climate change, globalisation and the emergence of China and India as rival economic powers.

John Cridland, CBI deputy director general, said: 'A strategic co-ordinated approach to policy will be needed with a radical rethink of the priorities and objectives required The Comprehensive Spending Review should bea blueprint for policy strategy not only for the next three years, but for the next 25. …

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