Conservatives set out ‘radical’ framework for business

SHADOW Chancellor George Osborne has mapped out the Conservatives’ “radical” plans to revive the economy.

Speaking to 250 business leaders in Cumbria last night Mr Osborne pledged that if elected the Tories would “create a framework to help business thrive” – with cuts in red tape guaranteed, investment in transport and digital infrastructure and a focus on green power and technology.

He said: “We are hungry for investment and new business and we want to create a framework to support growth and private sector investment.

“This week we set out our benchmarks to revive the economy and we want to be held to account on them.

“We want to create a sustainable and transparent framework for business to succeed. Just like public companies are accountable to shareholders, I want the Conservative government to be accountable to you.”

He said it was vital to ensure Britain does not lose credibility in international finance markets by losing its AAA credit rating, and pledged to cut the budget deficit – but gave no specific targets on this key election battleground.

“We need to re-balance the economy – the public sector has grown too big in the last decade.

“Investment in the UK is lower than any other G7 economy and we need to address this to encourage investment and exports.”

Mr Osborne said he wanted to see British countries investing in this country rather than overseas, and not “borrowing money from China to buy goods from China”.

He pledged to corporation tax from 28p to 25p and the smaller company rate to 20p and boost enterprise and new business with a two year relief deal for National Insurance contributions for the first 10 employees in small companies.

Investment in broadband was vital, he said as he pledged investment in 100MB broadband coverage: “Broadband is today’s canals, motorways and roads and enables businesses to trade with the world.”

He pledged support too for the North South high speed rail link and said green technology was “the new frontier for British industry”.

He said there were many challenges ahead and that the Conservatives’ agenda for change would only work with business’ support.