The Government’s economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries. The Budget and Spending Review both announced action to meet this objective.
The Growth Review is a joint Treasury and BIS-led process that aims to ensure all Government Departments are doing everything they can to help the country grow and recover from recession.
Business Secretary, Vince Cable, said:
“Growth is the primary focus of the Government, but this will not happen overnight. That’s why we’ve set out a long-term vision to create the right conditions for future economic prosperity.
“We cannot lay out plans for how the economy will grow - growth is delivered by the private sector. What we can do is provide the conditions to promote a new economic dynamism, harnessing our strengths, removing the barriers and putting the private sector first when it comes to decisions on tax, regulation and spending.”
Building on the action already taken by Government and outlined in the above paper, business is being invited to take part in this work which will challenge every Government department on the measures being taken to tackle barriers to growth.
The growth review will start with an intensive programme of work, based on the evidence provided by business, to report by Budget 2011. Departments will be required to present Action Plans to a Ministerial Ad hoc Group chaired by the Chancellor and Business Secretary, on what contribution they will make to:
The path to strong, sustainable and balanced growth
The paper sets out the progress made in the six months since the Government came to power to create the essential conditions for private sector growth through its four-part commitment to the private sector:
- Providing the stability business needs to plan and invest, for example, fiscal consolidation, so that interest rates stay low and businesses have the certainty they need to plan ahead.
- Making markets more dynamic by removing barriers to growth wherever possible.
- Focusing the Government’s own activities on providing the conditions for private sector growth and investment.
- Ensuring that strong growth is fairly shared and sustainable in the long term.
BIS/HMTreasury press notice
Growth at BIS
Growth at HM Treasury
What is the growth review?