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| CBI calls for 'industrial Olympics' to boost economy | |
| (about 7 hours later) | |
| The government should boost the UK economy by committing £1.5bn to backing major construction projects, the CBI business organisation has said. | The government should boost the UK economy by committing £1.5bn to backing major construction projects, the CBI business organisation has said. |
| It wants such "shovel ready" schemes to be driven forward to help create jobs and increase investment. | It wants such "shovel ready" schemes to be driven forward to help create jobs and increase investment. |
| The CBI argues the government has the money available because ministerial departments under spent by almost £8bn last year due to cost cutting. | The CBI argues the government has the money available because ministerial departments under spent by almost £8bn last year due to cost cutting. |
| The Treasury said it was committed to supporting private sector growth. | The Treasury said it was committed to supporting private sector growth. |
| 'Industrial Olympics' | 'Industrial Olympics' |
| The CBI says the government should back the construction sector, by introducing measures including investment tax breaks, and business rate reductions, up to a value of £1.5bn in the first instance. | The CBI says the government should back the construction sector, by introducing measures including investment tax breaks, and business rate reductions, up to a value of £1.5bn in the first instance. |
| It argues that such moves would boost investment in infrastructure projects by the likes of pension funds. | It argues that such moves would boost investment in infrastructure projects by the likes of pension funds. |
| CBI director general John Cridland said that this government action should run alongside the continuing general austerity measures. | CBI director general John Cridland said that this government action should run alongside the continuing general austerity measures. |
| "We need an industrial Olympics, with big schemes which can make a real difference," he said. | "We need an industrial Olympics, with big schemes which can make a real difference," he said. |
| Mr Cridland highlighted the need for improvements in the UK's rail and road networks. | Mr Cridland highlighted the need for improvements in the UK's rail and road networks. |
| Do you work in the construction industry? What action should the government take in the current economic climate? Send us your comments and experiences using the form below. | Do you work in the construction industry? What action should the government take in the current economic climate? Send us your comments and experiences using the form below. |