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:
Lord Heseltine's independent report reflects his vast experience of government and business. It raises a number of important and cross cutting issues that impact on the government's ability to interact effectively with business throughout the country. That is precisely why the Chancellor and I asked Lord Heseltine to conduct this root and branch review, and I thank him for it.
A few weeks ago, I set out my own plans for a long term industrial strategy, based on government and industry working together in partnership in those areas where we can be world leaders. Lord Heseltine's findings show where government can improve its performance in delivering better interventions. We will now need time to consider its numerous recommendations and will respond in the coming months.