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Coalition 'lacks growth strategy', warns Business, Innovation and Skills Committee

18 February 2011

In Brief:
"The Government does not have a 'comprehensive growth strategy' to support British industry, according to a report by MPs."

Taken from The Telegraph, 18 February 2011. Click here to view in full.

FRP Advisory comments:

A successful growth strategy for the UK requires complex interaction involving several parties – such as government, businesses and the banks. The Government needs to promote the vital confidence needed in the economy  by highlighting any potential upside of its economic strategy as it occurs. At the same time, businesses must ensure they put robust propositions to banks with accurate management information and projections, thereby helping the banks to take some braver decisions to increase lending.

An increase in bank lending levels has been the catalyst of economic growth in every post-recessionary period. Given the current weak levels of bank lending, there needs to be a more collaborative approach adopted by all parties to stimulate the growth needed in the UK economy. Ultimately, until business confidence improves, any rhetoric around the Government’s growth strategy will have little impact.

Simon Glyn

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