DOZENS of business leaders have backed George Osborne’s swingeing spending cuts, saying hesitation could cost £100bn in extra debt, more taxes and an increase in the rate of interest.
A total of 35 captains of industry, including BT chief executive Ian Livingston and Asda chairman Andy Bond, penned a letter to the Daily Telegraph urging the government not to back away from its tough plans to tackle the budget deficit.
The letter reads: “The cost of delay is enormous, and would result in almost £100bn of additional national debt by the end of this Parliament alone. In the end the result of delay would be deeper cuts, or further tax rises.”
The backing of the City is a welcome boost to Osborne ahead of Wednesday’s spending review.