The new coalition government comprised of Tory and Liberal Democrat MP s has now been formed and all eyes are on this new partnership. William Hague, Tory MP, has described the partnership as taking the best bits of the Liberal Democrat manifesto and combining them with the rest of the Conservative manifesto. The result is David Cameron as Prime Minister and Nick Clegg as Deputy Prime Minister.
Director General of the British Chambers of Commerce, David Frost, has urged the new government to withdraw the planned rise in NICs. He said: “They [the government] must follow through on their promise to roll back the planned employer National Insurance rise in any emergency Budget.”
He continued: “The next 90 days are crucial for recovery. We need concrete proposals to reduce red tape and tax burdens on business; action to move the economy away from consumption and the public sector and towards exports; and commitments to improve Britain’s key business infrastructure.”
Meanwhile, chairman of the Association of Recruitment Consultancies (ARC), Adrian Marlowe, commented: “Now that Liberal Democrat MP Vince Cable has been given the role of overseeing banking and business, it is important that he pushes forward his party’s manifesto commitment to reduce the burden of unnecessary red tape by properly assessing the cost and effectiveness of regulations before and after they are introduced.”