British Chancellor introduces new pro-growth economic policy

12:14, March 06, 2011      

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Britain's Chancellor George Osborne speaks at the Conservative spring forum, in Cardiff March 5, 2011. Britain's Conservative Party is in Wales for it's annual spring forum. (Xinhua/Reuters Photo)

British Chancellor George Osborne said on Saturday that the UK government is to announce new enterprise zones in England and vowed to get Britain's economy growing again.

In a speech at the Conservative Party's Spring Forum held in Cardiff, Wales, Osborne said that his new budget, which will be delivered on March 23, will be "unashamedly pro-growth."

"Today I confirm that in the Budget we will introduce new enterprise zones across parts of Britain that have missed out in the last ten years," he said. "They will be centers for new businesses and new jobs where taxes will be even lower and more restrictions on growth removed."

But he also said that the new enterprise zones "need extra push from government and local communities working together."

Local media reported that the UK government is planing to build 10 enterprise zones in England which will cost 100 million pounds in four years and the plan is a scaled down version of one of former Prime Minister Margaret Thatcher's most high profile policies from the 1980s.

The British government is under pressure to come up with new economic policies to spur the staggering economic recovery. British economy started its recovery from the end of 2009 after a downturn of six quarters in a row but the economy declined again in the fourth quarter of 2010 after increasing for four quarters.

So, the British Chancellor said that the new budget "is going to be unashamedly pro-growth, pro-enterprise and pro-aspiration."

The British coalition government has made great efforts to cut government spending in a bid to reduce the budget deficit since it came to power in last May, threatening tens of thousands of public jobs and welfare benefits for many families.

Osborne said that government spending cut will continue and there was no alternative.

Several thousand people took to the street in Cadiff on Saturday to protest against British government plans to cut spending.

Source:Xinhua
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