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The government’s policies for economic growth have come under fire by Andrew Tyrie, Commons Treasury Committee chairman. According to Tyrie, the government are not doing enough to stimulate growth of the economy and need to reconsider spending priorities.

In response to the criticism, David Cameron said that the government’s growth strategy was “incredibly active”. Some of the government initiatives, according to Tyrie, seemed to have greater relevance in times of abundance rather than an age which is facing austerity. However, Tyrie is fully supportive of the decision to reduce the public deficit.

Tyrie believes that the government should be looking at reconsidering some of their spending priorities, which includes the increase to overseas aid. Instead, greater emphasis should be placed on reducing business tax and simplifying the tax system. Businesses would also be helped by reducing the legislative burden surrounding employment.

Economic policy was the focus of the Conservatives on Monday at the Conservative Party conference, which started Sunday 2nd October. David Cameron said:

“First of all, we’ve got to deal with the debts and the deficit and stick to our plan there, but we are doing things to cut corporation tax, to help small businesses to deregulate, to make it easier to employ people.”

According to former Conservative cabinet minister John Redwood, Tyrie is voicing the concerns of a number of Conservatives, who believe that spending priorities are not completely appropriate for a Britain which is facing austerity. As for tax cuts, George Osborne commented during an interview with the Daily Telegraph that tax cuts “should be for life not just for Christmas.”

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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