Public finance debate

Reacting to the debate on public finances, Dr Brian Sloan, Head of Business and Economic Policy at Greater Manchester Chamber, said: "Last week's public finance figures and the ongoing debate over dealing with public debt highlight the urgent need for the Government to spell out exactly how it intends to deal with the deficit. Britain's recovery lies in the balance, procrastination and electioneering is doing nothing for business confidence.

"Sixty-seven per cent of the businesses that responded to our recent business issues survey reported that uncertainty over Government spending plans was having an impact on their business and it is now the biggest issue for businesses in the region, ahead of taxation.

"Business confidence across Greater Manchester was at pre-recession levels before December's Pre-Budget Report, however evidence is emerging that ongoing uncertainty since our last Quarterly Economic Survey has damaged that confidence and this could have worrying consequences for investment, job retention and job creation."