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Britain Lacks Broad Growth Strategy

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TEHRAN, Feb 21 (ICANA) – The UK lawmakers have lashed out at the government for lacking a comprehensive growth strategy, in a period of great uncertainty about the future.
Monday, February 21, 2011 2:50:59 PM
Britain Lacks Broad Growth Strategy

Figures released last month showed the economy contracted in the last three months of 2010, thus, doubts raised about whether the nine-month-old condition has a plan to lift Britain's economy.

The figures triggered concerns that sharp public spending cuts ordered by the coalition to cut a record peacetime budget deficit could cause the British economy to stagnate.

"The government has proposed a number of interventions which have the potential to help promote economic growth, but they do not add up to a comprehensive growth strategy," parliament's Business, Innovation and Skills Committee said in a report.

The government was stung by similar criticism last month by Richard Lambert, departing head of the Confederation of British Industry business group, who said that the government was not doing enough to boost growth.

Business Secretary Vince Cable defended the coalition's strategy, saying part of its job was to "get out of the way of private sector recovery."

"Growth must be driven by private investment, not government or private consumption," Cable wrote in a guest column for Friday's edition of the Financial Times.

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