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Osborne vows growth boost and hints at fuel duty cut Osborne vows growth boost and hints at fuel duty cut
(about 1 hour later)
Chancellor George Osborne has promised economic growth and hinted at fuel duty cuts in a speech to the Tory spring conference in Cardiff.Chancellor George Osborne has promised economic growth and hinted at fuel duty cuts in a speech to the Tory spring conference in Cardiff.
Just three weeks before the Budget, Mr Osborne, who had also hinted at fuel duty cuts in January, said he knew how much fuel costs were hitting people.Just three weeks before the Budget, Mr Osborne, who had also hinted at fuel duty cuts in January, said he knew how much fuel costs were hitting people.
He also announced 10 new enterprise zones in England to boost growth.He also announced 10 new enterprise zones in England to boost growth.
Labour said enterprise zones had failed in the 1980s and Mr Osborne "needed a plan for growth, not headlines".Labour said enterprise zones had failed in the 1980s and Mr Osborne "needed a plan for growth, not headlines".
His speech came as trade unionists marched through Cardiff to protest against government cuts.His speech came as trade unionists marched through Cardiff to protest against government cuts.
Members of 50 unions are taking part in the demonstration, with Mark Sewotka of the PCS union and Len McCluskey of Unite leading the group.Members of 50 unions are taking part in the demonstration, with Mark Sewotka of the PCS union and Len McCluskey of Unite leading the group.
'Oil prices''Oil prices'
The government is also facing growing protests about the price of fuel - as international development minister Alan Duncan warned pump prices could double in response to unrest in the Middle East. The government is also facing growing protests about the price of fuel - as international development minister Alan Duncan warned in an interview with the Times that pump prices could double in response to unrest in the Middle East.
The idea behind enterprise zones is simple: cut taxes and strip back planning rules in small areas to attract new businesses and create new jobs.The idea behind enterprise zones is simple: cut taxes and strip back planning rules in small areas to attract new businesses and create new jobs.
Margaret Thatcher and John Major had similar ideas. Thirty eight zones were established between 1981 and 1996.Margaret Thatcher and John Major had similar ideas. Thirty eight zones were established between 1981 and 1996.
The most famous was the Isle of Dogs in London's docklands - now Canary Wharf.The most famous was the Isle of Dogs in London's docklands - now Canary Wharf.
The gleaming towers and thousands of highly paid workers there seem to make the case for the zones.The gleaming towers and thousands of highly paid workers there seem to make the case for the zones.
But a report from the Work Foundation think tank says that is misleading.But a report from the Work Foundation think tank says that is misleading.
When the Docklands enterprise zone expired there were just 7,000 people working in Canary Wharf, it says, compared to 90,000 today.When the Docklands enterprise zone expired there were just 7,000 people working in Canary Wharf, it says, compared to 90,000 today.
The zone may have helped but the think tank says the success of the area is down to investment in regeneration and infrastructure like the Docklands Light Railway, not the government scheme.The zone may have helped but the think tank says the success of the area is down to investment in regeneration and infrastructure like the Docklands Light Railway, not the government scheme.
The government argues this time things will be different.The government argues this time things will be different.
The government has already applied to the European Commission to be allowed to cut fuel duty for residents on some British islands.The government has already applied to the European Commission to be allowed to cut fuel duty for residents on some British islands.
In his speech, the chancellor sent a clear signal that he will be act to stop a planned 1p rise in petrol tax for all UK motorists due in April in his March 23 Budget. In his speech, the chancellor sent a clear signal that he will act to stop a planned increase in petrol duty for all UK motorists due in April in his March 23 Budget.
He told party activists: "I know hard the rises in world oil prices are hurting families in Britain.He told party activists: "I know hard the rises in world oil prices are hurting families in Britain.
"When it costs £1.30 for a litre of petrol, £80 to fill up a family car, I know people are feeling squeezed. And I say to people watching: 'I hear you'.""When it costs £1.30 for a litre of petrol, £80 to fill up a family car, I know people are feeling squeezed. And I say to people watching: 'I hear you'."
He said he would "not take risks with economic stability" but added: "I promise you I am doing everything I can to find a way to help." "We've got another of the Labour Party's pre-planned rises in petrol tax also coming this April - one penny above inflation," Mr Osborne said.
And while he said he would "not take risks with economic stability", he added: "I promise you I am doing everything I can to find a way to help."
Mr Osborne is under pressure to come up with a strategy to get Britain's economy moving to replace jobs cut from the public sector - and after last month's surprise GDP figures suggested the economy could be tipping back into recession.Mr Osborne is under pressure to come up with a strategy to get Britain's economy moving to replace jobs cut from the public sector - and after last month's surprise GDP figures suggested the economy could be tipping back into recession.
'Great potential''Great potential'
The enterprise zone plan - which will cost £100m over four years - is a scaled down version of one of Margaret Thatcher's most high-profile policies from the 1980s.The enterprise zone plan - which will cost £100m over four years - is a scaled down version of one of Margaret Thatcher's most high-profile policies from the 1980s.
They will be established in areas of England that have been hit hard by the economic downturn - mainly in parts of the Midlands and the North.They will be established in areas of England that have been hit hard by the economic downturn - mainly in parts of the Midlands and the North.
Firms will be offered reduced business rates, simplified planning rules and less regulation.Firms will be offered reduced business rates, simplified planning rules and less regulation.
He told party activists the zones would be "in parts of Britain that have missed out in the last 10 years".He told party activists the zones would be "in parts of Britain that have missed out in the last 10 years".
"They will be centres for new businesses and new jobs where taxes will be even lower and more restrictions on growth removed," he said."They will be centres for new businesses and new jobs where taxes will be even lower and more restrictions on growth removed," he said.
"They will be the places in our land with great potential - but which need that extra push from government and local communities working together.""They will be the places in our land with great potential - but which need that extra push from government and local communities working together."
Earlier enterprise zones set up by the Thatcher and Major governments have been criticised by two reports this week for creating too few jobs at too high a cost, and for providing only a short-term boost.Earlier enterprise zones set up by the Thatcher and Major governments have been criticised by two reports this week for creating too few jobs at too high a cost, and for providing only a short-term boost.
But ministers claim to have learned lessons from the past, and say they will work in areas with high potential for growth, while working closely with local councils to tailor specific incentives to local needs.But ministers claim to have learned lessons from the past, and say they will work in areas with high potential for growth, while working closely with local councils to tailor specific incentives to local needs.
Shadow business secretary John Denham, for Labour, said Mr Osborne had to show the new enterprise zones would work better than they did in the 1980s - and the Labour schemes he had axed.Shadow business secretary John Denham, for Labour, said Mr Osborne had to show the new enterprise zones would work better than they did in the 1980s - and the Labour schemes he had axed.
"The Tory-led government has wrecked Regional Development Agencies and ignored Labour pleas to give Local Enterprise Partnerships real powers over skills and resources."The Tory-led government has wrecked Regional Development Agencies and ignored Labour pleas to give Local Enterprise Partnerships real powers over skills and resources.
"Britain needs a plan for growth, not a plan for headlines.""Britain needs a plan for growth, not a plan for headlines."
It comes as Bank of England Governor Mervyn King, who will shortly take over bank regulation, warned that failure to reform the sector could result in another financial crisis.It comes as Bank of England Governor Mervyn King, who will shortly take over bank regulation, warned that failure to reform the sector could result in another financial crisis.
But Mr Osborne said the government was already changing the way the financial system was regulated to "make sure that never again is a bank too big to fail".But Mr Osborne said the government was already changing the way the financial system was regulated to "make sure that never again is a bank too big to fail".
Labour has criticised the government for going "too far, too fast" in attempting to bring down the deficit, arguing it should be halved in four years, not eliminated.Labour has criticised the government for going "too far, too fast" in attempting to bring down the deficit, arguing it should be halved in four years, not eliminated.
Shadow chancellor Ed Balls has said the coalition government is endangering the UK's future by "putting the economy into reverse gear".Shadow chancellor Ed Balls has said the coalition government is endangering the UK's future by "putting the economy into reverse gear".
But the government says the spending cuts are needed because of the financial "mess" left behind by the last Labour government and are vital to getting the economy moving.But the government says the spending cuts are needed because of the financial "mess" left behind by the last Labour government and are vital to getting the economy moving.