Sir Richard Lambert, who steps down from his post as director-general of the CBI on Friday, has used his final speech in the role to launch an attack on the Coalition’s “politically motivated initiatives”, which he says are inconsistent and damaging to business.
While he told a press conference in London this afternoon that business “strongly” supports the Coalition’s wholesale spending cuts, he feels the government has failed to “articulate in big-picture terms its vision of what the UK economy might become under its stewardship.
He argues that the Coalition has “taken a series of policy initiatives for political reasons, apparently careless of the damage that they might do to business and to job creation.
“It’s not enough just to slam on the spending brakes. Measures that cut spending but killed demand would actually make matters worse.”
He went on to set out the changes necessary for economic growth, highlighting his concern over SMEs’ access to credit, saying “policy should be directed at widening the range of choice – by encouraging new lenders, by the development of non-bank finance such as the bond market, and by making long-term equity investment a more attractive option for savings institutions”.
To read Sir Richard Lambert’s full speech, download the PDF below.
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