‘Chancellor must save £120bn’
NORTH West business group Private Sector Partners (PSP) is calling on the Chancellor to make spending cuts his priority in tomorrow’s Budget.
The organisation, set up by the Insitute of Directors (IoD), Confederation of British Industry (CBI) and Federation of Small Businesses (FSB) in 2002, believes the Government must balance the record level of public debt by 2015-16 – two years earlier than planned.
Swinton-based PSP leader Len Collinson said: “We must be in no doubt of the nature of the challenge we face. This is the most difficult economic climate since the war.
“For too long the Government over taxed business and borrowed to pay for excessive spending. The next two parliaments will be fundamentally different. We are entering a new age where we must demand great efficiency from the public sector while at the same time encouraging growth in the private sector.”
The PSP is backing the CBI’s demand for the Government to find £120bn worth of savings from the public sector by 2015-16. It also wants to see no increase in employer national insurance contributions, better credit conditions for businesses, and a freeze on corporation tax.
