PM vows to kick-start “all-out mission” to revive the economy

News Article - 02 November 2011
Category: Business

David Cameron has promised to launch an "all-out mission" to revitalise the national economy and kick-star infrastructure projects, following an article in the Financial Times.

The Prime Minister revealed he had given the go-ahead for the construction of two new power plants in Yorkshire which would generate 1,000 construction jobs.

Meanwhile, Mr Cameron's deputy, Nick Clegg will announce this week the firms to benefit from the final £950 million instalment of the Government's regional growth fund. This cash will help create or safeguard "hundreds of thousands of jobs" across the country.

Mr Cameron was quick to admit that the eurozone crisis was creating a "chilling effect" on global economic growth but that there were reasons to be optimistic, pointing to emerging trade links with India and China.

As well as approving the construction of two new power plants, Mr Cameron also welcomed news that British Telecom will complete its installation of super-fast broadband by 2014 - generating work for a further 500 engineers.

The PM said: "I am confident that we can both resolve the crises at hand and come through them with an economy that is stronger and fundamentally fairer."

Nevertheless, Mr Cameron has come under attack from the Shadow Business Secretary, Chuka Umunna, who believes the PM is "out of touch" and that the Government was failing to address the issues surrounding economic growth.

According to Mr Umunna, the "long-delayed funding" actually represented a two-thirds cut, with one year's budget of the scrapped regional development agencies being paid across three years.

He added: "Power stations already in the pipeline are finally being given the green light, but no investment is actually being brought forward.

"This does not amount to the significant plan for jobs and growth Britain's economy desperately needs right now."

Article keywords: economy, david cameron, infrastructure, ft, financial times

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