Prime Minister David Cameron today said that the Government has "a lot more to do" to stimulate growth in a bid to secure economic recovery.
Speaking at Rolls-Royce in Derby at the Government’s second Cabinet meeting outside London, the PM said that “it is businesses like these that we need to expand and to grow.”
The point of the Cabinet today is really to ask one fundamental question: what is it that we can do in government to help the economy to rebalance, to grow, and for businesses to start up, to invest and to employ people?
That is large businesses but also all the way down the chain to start-up businesses as well.
In an article for the Derby Telegraph, the Prime Minister said that the first part of the Government’s strategy for growth is to get to grips with the deficit. He said:
When the books don’t balance, there’s no confidence in the economy. And without confidence, there won’t be growth. That’s why we’ve taken tough and decisive action on the deficit. And it’s why we will stick to the measures we have put in place.
But balancing the books is only the first stage of how we get growth. The second - and just as important - is how we get behind Britain’s businesses and support the job creation we need. These jobs won’t come from government. They will come from Britain’s leading businesses.
During the Cabinet, MPs heard from local business people about the challenges they face and how Government can help.
This afternoon the Cabinet, Prime Minister, Deputy Prime Minister, Business Secretary Vince Cable and Local Government Secretary Eric Pickles hosted the first meeting of Local Enterprise Partnerships (LEPs) from across the country. These Partnerships are alliances between councils and companies, chaired by business professionals.
The Prime Minister said:
”Local Enterprise Partnerships are fundamental to the growth agenda. We believe that local people and local business leaders know best what works in their area.
That’s why we are shifting power from Whitehall and quangos to the local communities and local businesses who really understand the barriers to growth in their areas. An approach where partnerships are formed over parts of the country people actually identify with and that make sense to business and reflect markets, rather than the old arbitrary regional boundaries.”
So far 31 LEPs have been formed, covering more than 70% of England’s population. The partnership covering Derbyshire and Nottinghamshire is the fifth largest, representing more than 68,000 enterprises across the region.