‘Misery for millions’: CBI backs more austerity, despite slashing GDP forecast
RT.com
June 08, 2015
Britain’s most influential business lobby group has said it supports the government’s continued austerity measures, despite cutting its own forecasts for the UK’s economic growth.
The Confederation of British Industry (CBI) said Monday that cutting the deficit was the “most important job” facing the government.
The lobby group, which represents some of the UK’s largest businesses, also expressed concern over the EU’s failure to reach a deal with Greece.
Economist Michael Burke, meanwhile, attacked the CBI’s support for further austerity, saying that big business benefits from the harsh cutback in public spending, causing “misery for millions.”
Announcing the CBI’s latest economic forecast for the UK, director-general John Cridland emphasized the importance of austerity to business.
“The overriding duty of a government, to make sure the public finances are in order, has been in poll position on the racing grid for CBI members for the last five years, and is today. They consider that is the most important job for the government to do and it’s a job that is only half done,” he said.
“So we don’t want the government to ease off on austerity. We want the government to continue to tackle the deficit in the public finances but to do so in an intelligent way.”
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