Conservative MP for Northampton South Brian Binley has urged caution over today’s positive economic data, claiming that despite a one per cent increase in GDP the UK has dropped a place in the World Bank’s business-friendly global ratings.
Mr Binley said the Prime Minister and Chancellor “should not spend too much time patting themselves on the back, recognising that the Office of National Statistics said that the underlying pattern is one of subdued economic expansion. There is still an awful lot that needs to be done.”
The backbench MP also questioned why Vince Cable, Secretary of State for Business, Innovation and Skills, was allowed to dismiss the Beecroft proposals, arguing that too few steps are being taken to encourage lending to small businesses and that the Government had failed to keep its promise on cutting “red-tape.”
Writing in his blog, Mr Binley says the Chancellor of the Exchequer must do more to help business.
He said: “We’re constantly told that George Osborne is a strategist and a planner but that’s no good if nothing actually gets done.”
The MP for Northampton South has previously criticised Mr Osborne’s dual role within the Government as Chancellor and policy strategist for the Prime Minister.
Mr Binley also warned that growth must be consistent and not sporadic, citing the rate of new start-up businesses has fallen.
He added: “It’s time for the Chancellor to take a more hands-on approach, display some management skills to see things through and increase private demand in the economy.
“Mr Osborne must now use the extra authority that the growth figures will give him to ensure that his promises on business are actually fulfilled.”
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