Call for radical business reforms

Business leaders have heard calls for "radical" economic reform and demands for political leadership which will champion wealth creation.

Government needed to be "downsized" to shrink the state or the state will shrink the economy, the leader of the Institute of Directors warned.


Director general Miles Templeman told the IoD's annual convention in London that business leaders are worried about the prospect of a hung Parliament.
The IoD called for an "enabling Government", which leaves business to create wealth but helps provide a world-class transport, energy, and education and skills system.


The directors also told politicians to help create world-class levels of low taxation and regulation to foster a "dynamic and flexible" economy.
Mr Templeman said: "We're a week from the General Election but we're still years from bringing the deficit and the size of the Government under control.

"If the truth be told, no political party is advocating the scale of spending and deficit reduction we need, not just for the next few years, but for the next decade.
If British business is to compete effectively in the 21st century we need a fundamental root and branch reform of the state. Government has got to get smaller and better. Unless we shrink the state, the state will shrink the economy.
"While political parties agree that the deficit is a problem, there is little agreement on how it should be tackled. So it doesn't surprise me that so many business leaders are worried about a hung Parliament.


"The risk is that there will be no agreement on the nature of public spending reductions, and that on this key issue a coalition or minority government will be paralysed."

(Source: Press Association)
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