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Business responds to Government’s mid-term review

Business groups have given their responses to the Government’s mid-term review, which reports on the progress made by the Government in implementing the Coalition agreement.

As part of the review, the Government has announced a new set of reforms, including plans to support working families with childcare costs, together with changes to the state pension system.

Responding to the review, the Confederation of British Industry acknowledged the Government’s action on tackling the economic deficit, but warned that UK housing and infrastructure are being held back by the planning and procurement process.

The Forum of Private Business welcomed the Government’s action on employment rights, but argued that more needs to be done to support businesses at ground level, and called for further measures to reduce the regulatory burden.

The British Chambers of Commerce also gave a mixed response, noting some ‘important commitments’ made by the Government but warning that bold measures must be followed through if they are to have real impact on UK growth prospects.

The business group is urging the Government to create a business bank with ‘the scale and reach needed for a once-in-a-generation change’ to address failures in UK business finance, and has called for improvements in education and training which will deliver ‘work-ready’ school leavers.

Meanwhile, the Public and Commercial Services Union has warned that plans to link the state pension age to future changes in life expectancy could mean that UK employees will have to remain in work until they are 70, before receiving a state pension.