Deficit reduction remains a painful task, says BCC

23rd October 2013

Commenting on the public sector finances for September 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said: -We've made gradual progress in reducing government borrowing, but the deficit is still far too high.

Recent improvements to our GDP figures haven't yet been reflected in our public finances. But with the economy expected to continue growing, this is likely to change over the next few years. -The weakening of our financial sector and the sharp fall in our oil and gas reserves may have created a permanent hole in the economy's ability to generate tax revenues, so the government is right to continue with its deficit-reduction plan while the economy improves. Although we have to adjust to the painful economic realities created by the financial crisis, the government must also focus on measures to boost growth, such as investment in infrastructure, support for exporters, and improved availability of finance for growing businesses.

You might also be interested in

Local Businesses List Cleanliness, Safety and Retail As Their Top Priorities For Improvement in South Yorkshire’s Civic Centres

Mon 8th July 2024

Safety, cleanliness and the quality of retail have all been cited by South Yorkshire businesses as top priorities for their local urban cores. This is according to the recently-published findings of the Town and City Centre Survey.

BCC Quarterly Economic Survey: Business Confidence Continues To Tick Up in Q2

Mon 8th July 2024

The BCC’s Quarterly Economic Survey – the UK’s largest and longest-running independent business survey – shows measures of business confidence and business conditions slightly improved in Q2 2024, albeit from a very low base.

Bank Seeks Further Evidence Before Rate Cut

Mon 1st July 2024

David Bharier, Head of Research at the British Chambers of Commerce reacts to the Bank of England’s latest interest rate decision

BCC DIRECTOR GENERAL SHEVAUN HAVILAND: STOP TREADING ON EGGSHELLS AROUND EU TRADE

Mon 1st July 2024

Director General of the BCC, Shevaun Haviland, has urged the next Government to stop treading on eggshells around trade with the EU if it wants to grow the UK economy.