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Business leaders welcome public sector austerity measures

27 July 2010
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Business leaders welcome public sector austerity measuresThe majority of firms believe that the government has taken the right action in tackling public sector expenditure and the UK''s deficit, a new survey has shown.

According to the poll by the British Chambers of Commerce (BCC), 64 per cent of respondents believed the balance of spending, tax rises and savings had been correctly set by the new Conservative-Liberal Democrat administration, although 67 per cent predicted their profits would be affected by cuts.

The organisation''s latest Monthly Business Survey may be of particular interest to those working in operations management as it has welcomed the austerity measures imposed by UK chancellor George Osborne in his recent emergency Budget.

Businesses questioned by the BCC stated that they would like to see the government prioritise spending in the areas of transport, access to finance and regional economic development.

"Limited spending will have to focus on areas that boost productivity," director-general of the body David Frost stated, adding that interest rates should remain low and red tape reduced in order to stimulate growth.

Recent figures from the Office for National Statistics suggested public sector net borrowing reached its highest point since records began during June 2010, totalling £15.2 billion.ADNFCR-3058-ID-19909507-ADNFCR
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