Why we need to deal with Labour's Debt
Running up Government debt is like running up massive credit card bills - the longer you leave it, the worse it gets, burdening our children and grandchildren with even more debt. You only need to look at countries like Greece to see that if we don't take steps now to live within our means we'll end up facing deeper cuts, less growth and higher unemployment.
Five facts on the economy over the past year
1. In the first nine months of this year, the UK economy has grown at the same speed as the US economy - despite their massive fiscal stimulus.
2. The private sector has created over half a million extra jobs.
3. Our borrowing costs have fallen to record lows, showing that UK government debt is seen as a safe haven in the global debt storm and saving money for taxpayers, businesses and families.
4. Businesses have invested £91.4 billion across the economy, up 9 per cent on the year before.
5. Britain's credit rating, which was put on negative outlook under Labour, has been restored to its previous highest possible level.
Five measures the Government is taking to boost growth
To boost growth, the Government is:
1. Creating the most competitive business tax system in the developed world by cutting corporation tax to the lowest rate in the G7; introducing a Patent Box to encourage firms to innovate in Britain; and simplifying our tax system.
2. Making Britain one of the best places in Europe to start, finance and grow a business by boosting tax relief for start ups, small business R&D and entrepreneurs; getting the banks to increase lending to small firms by 15 per cent this year to £76 billion; and, together with five major UK banks, launching a £2.5 billion Business Growth Fund to back established and growing businesses.
3. Cutting red tape by scrapping regulations costing businesses over £350 million per year; and radically reforming the planning system by introducing a new default presumption in favour of sustainable development and streamlining over 1,000 pages of planning policy to just 52 pages.
4. Boosting investment and exports to rebalance the economy by setting up 21 Enterprise Zones across the country to encourage inward investment; stimulating business growth across England through the Regional Growth Fund; and promoting British exports abroad.
5. Making a more educated workforce the most flexible in Europe by creating the biggest number of apprenticeships this country has ever seen; establishing at least 24 University Technical Colleges to provide cutting edge vocational training; reviewing employment law to boost competitiveness; and radically reforming welfare to get people off benefits and into work.