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Osborne's £10bn benefits cut

The Government is to press ahead with plans to slash an extra £10 billion from the welfare budget by 2016-17, the Chancellor has said in his speech to the Conservative party conference.

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Manufacturers welcome 'Chancellor's ambition'

Responding to the Chancellor’s speech, Steve Radley, Director of Policy at EEF, the manufacturers’ organisation, said:

We welcome the Chancellor’s £1 billion of new science investment for successful UK industries, such as aerospace. This is a clear example of the Chancellor’s ambition to switch resources to productive, growth enhancing spending, and we now need to see this trend continue in the forthcoming Autumn Statement.

There were also some encouraging signs in the Chancellor’s speech about the Government’s plans for an ‘Enterprise Strategy’. We now need to see the Government taking this forward on key decisions on energy, skills, access to finance and employment regulations in the coming months. The Government needs to demonstrate to business that it has the same clarity and laser-like focus on growth across departments that it has on reducing the deficit.

It has made a start with its Growth Implementation Committee, but this body must be about more than just delivery. It must also ensure that all parts of government are working together effectively to deliver stronger and better balanced growth.

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