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BCC: No government should put itself in a fiscal straitjacket

Commenting ahead of the Chancellor's Mansion House speech, where George Osborne is expected to set out strict new fiscal rules, John Longworth, Director General of the British Chambers of Commerce, said:

"While running a budget surplus is a laudable aim, economic history shows that the national interest sometimes requires fiscal flexibility. It is impossible to predict global economic conditions with any certainty, so no government should put itself into a fiscal straitjacket that limits its scope to respond.


"Any move to constrain future spending should explicitly exclude infrastructure, which is an investment rather than just a cost. Roads, railways, energy grids and broadband drive productivity and job creation - and it is time for government's contributions to national infrastructure to be removed from the debate on the deficit and the national debt.

"Far too often, Britain's infrastructure needs have been sacrificed to short-term spending considerations. This must stop." 

Last modified on Thursday, 11 June 2015 08:35

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