On Monday (July 15th), Nick Clegg stood before 100 of Britain’s top business executives and discussed his plans for economic growth. Speaking at the Confederation of British Industry’s annual president’s dinner, the Liberal Democrat leader talked about the economic implications of a recent optimism index, which reveals company confidence has hit a 13-month high.
Mr Clegg’s speech was supported by figures that show the service industry is growing rapidly, expanding faster than it has since 2011. Additionally, levels of production and new business in UK manufacturing are rising at their fastest rates in over two years, according to the deputy prime minister.
Ernst and Young’s Item Club attribute Britain’s recovery to growth in the housing market and increased consumer spending.
An upcoming report from the Office for National Statistics will reveal the current status of the economy and show how much it’s grown in the second quarter of 2013.
Chief economic advisor to the Item Club, Peter Spencer, said: “Spending on the high street is holding up nicely, housing market transactions are beginning to gather pace and, perhaps most significantly, the global economy also appears to be on the mend. In fact, it’s the first time in many months where we can see balanced growth in the economy.”
“Slowly Britain’s economy is healing, confidence is seeping back into business,” MrClegg said. “It hasn’t been easy. Our road to recovery has been bumpy and we’ve still got a way to go. But finally, I believe, we’re turning a page on the mess we inherited.”
In his speech, Mr Clegg urged employers across the UK to take on more workers and further boost the economy.
“I want every British business leader to join me in the commitment Liberal Democrats have set in government: to create a million more new jobs in our economy,” he said.
The deputy prime minister explained this could be achieved if 20 per cent of Britain’s five million businesses would create just one new job or apprenticeship in the next two years.
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