Commenting on the public finance figures for October, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures show a small deterioration compared with a year ago, despite hopes that we would see an improvement. Britain’s fiscal position is still dire and it is clearly necessary for the Government to persevere with its strategy aimed at restoring stability to our public finances.“British business accepts the need for difficult measures in order to cut the unsustainable deficit, and supports the Government’s focus on spending cuts rather than tax increases. However, the policy will only succeed if austerity measures are supplemented by a credible growth strategy that will enable businesses to invest, export and create jobs.
“Efforts must be made to boost productivity and rebuild our infrastructure, while interest rates must be kept as low as possible. Employment regulation must be scrapped, or at the very least suspended.”