Businesses Pressurized Osborne To Do More To Recover Economy

Pressure is being put on Chancellor of Exchequer Mr

. George Osborne by UK businesses for doing more to boost a weak recovery as the big fiscal squeeze is pursued by government since World War II. John Longworth, the Director General of British Chambers of Commerce, presented a report in which he said that the huge challenges are still being faced by UK economy, and the recovery is still very slow. He added that it has the potential to grow, but the government needs to set businesses free to grow, in order to achieve this purpose.

It was indicated by the manufacturing and construction surveys that economy of UK returned to growth in the first quarter. Corporation tax cuts to support consumer business were included in the Osbornes budget statement last month. But, the consumer confidence remains low after the biggest fall of disposable income since 1977 last year, and the huge rise of unemployment. The rise in gross domestic product was probably 0.3% in the first quarter of 2012 after 0.3% drop in the last quarter of 2011, according to the London-based BCC. The full year growth of 0.6% is forecasted which is less than 0.8% as predicted by the fiscal watchdog of the government.

The 0.1% rise in pound was witnessed on 3rd April, against the dollar. Besides, it traded at $1.6038 as of 10:35 AM in London on the same date. A 20 billon-pound National Loan Guarantee Scheme was announced by Osborne last month for boosting the lending to small and medium sized companies. He also made the announcement that the corporation tax rate will fall to 24% from 36% from this month. The 22% fall in 2014 instead of 23% will be brought by the reductions in each of the next two years.

It is still intended by his Conservative-led coalition government to narrow a record budget deficit as indebted nations in Europe resist taming their finances and regaining investor confidence. A freeze on tax allowances of pensioners and an increase stamp duty on the most expensive homes are the other measures announced. Owen Smith, a spokesman of a Labour party, said in a statement that there was no plan for job and growth from this government which is out of touch and the practical measures are urgently needed for helping enterprises and getting the UKs economy moving again. He added, Our economy should be doing more than just recovering the output lost at the end of last year.

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by: Adam McGill

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