Business shows support for spending cuts

The heads of some of the largest companies in the UK have given their backing for the government’s planned spending cuts.

In an open letter to the Daily Telegraph, the bosses of M&S, BT and GalxoSmithKline among others said that any dilution of the government’s trenchant plans for reductions in public expenditure would be a “mistake”.

The letter reiterated the backing of big business for the cuts likely to be announced in the comprehensive spending review.

It said: “Addressing the debt problem in a decisive way will improve business and consumer confidence.

“Reducing the deficit more slowly would mean additional borrowing every year, higher national debt, and therefore higher spending on interest payments.

“The private sector should be more than capable of generating additional jobs to replace those lost in the public sector.”

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