Government Launches Private Sector Growth Review

The coalition government have announced a fundamental review of what all parts of Government are doing to create the best conditions for private sector growth. The paper, entitled, ‘The path to strong, sustainable and balanced growth’ invites businesses to take part in this work, which will challenge every Government department on the measures being taken to tackle barriers to growth. The 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 the Business Secretary, on what contribution they will make to:  – reform structural barriers across the whole economy in planning, competition, trade and investment, regulation, access to finance and corporate governance;  – remove barriers in sectors where there are clear opportunities for growth and where Government can make a difference: construction; retail; health and life sciences; professional and business services; manufacturing; and digital and creative industries. Business Secretary, Vince Cable, said: ‘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.’ The work will continue for the lifetime of this Parliament, enabling all Government departments to think first and foremost about the impact of their policies on growth.