Lord Heseltine has begun outlining his economic growth report in Birmingham, expanding on his push for the UK regions to be given a greater role in the country's wealth creation.
"When local partners (around the UK) work together that local (partnership) is more powerful that anything London can produce," he said, adding: "Whitehall's ambitions should be to do less, but to do it better."
But the former Tory minister added that his report formed no criticism of the current Government.
The Federation of Small Businesses has said it "welcomed parts" of Lord Heseltine's economic report, but was "cautious about some of the proposals".
The federation's National Chairman, John Walker, said:
Mr Walker added:
Responding to Lord Heseltine’s independent review of UK competitiveness, John Longworth, Director General of the British Chambers of Commerce (BCC), said:
Mr Longworth added:
Chancellor of the Exchequer George Osborne believes Lord Heseltine's report into economic growth can help the Government.
In a statement, the Conservative MP said: “I wanted Lord Heseltine to do what he does best: challenge received wisdom and give us ideas on how to bring Government and industry together. He has done exactly that. This is a report bursting with ideas and we will study it very carefully.”
Business Secretary Vince Cable has said that the Government will consider Lord Heseltine's economic findings and respond to them in the coming months.
Commentating on the former Deputy Prime Minister's report, he said:
Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, also commented on Lord Heseltine's report:
Labour's Shadow Business Secretary Chuka Umunna MP has said that he hopes Lord Heseltine's economic proposals are taken "seriously".
“Labour has led calls for an active government approach to support business and underpin regional growth – it is good to see Lord Heseltine echoing this in his report. We will examine his proposals and consider which ones we can take forward."
He added: “We hope that ministers will take Lord Heseltine’s proposals seriously, although the briefing against the report from within government in recent days suggests they are unwilling to listen.
"If this is the case, it will therefore be left to a future One Nation Labour government to take forward many of Lord Heseltine’s ideas.”
Speaking exclusively to ITV News, Lord Heseltine has urged the Government today to spend more money on boosting economic growth in the regions.
Lord Heseltine's report into economic growth must be embraced across government, according to the Trades Union Congress (TUC).
The TUC has today backed the Heseltine review of regional growth in the UK but has warned that it needs to be backed across government in order to make a difference.
TUC General Secretary Brendan Barber, commenting on the report, said: “Lord Heseltine’s Review offers a refreshing new strategy for growth. But it must be embraced across government if it’s to make a difference.
“By stressing the interdependence of public and private sectors, the review shows that the approach that delivered the London Olympics could create success stories across the country."
He added: “We fully back greater investment in science and research, as well as smarter use of procurement to boost British industry, which are both long standing calls of the TUC."