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| Economy needs a 'new direction' | Economy needs a 'new direction' |
| (about 1 hour later) | |
| Business leaders have criticised the government over the economic crisis, saying Britain needs a "new direction". | Business leaders have criticised the government over the economic crisis, saying Britain needs a "new direction". |
| Eleven heads of major firms say simpler taxes, less regulation and more tightly controlled public spending would have left the country better prepared. | Eleven heads of major firms say simpler taxes, less regulation and more tightly controlled public spending would have left the country better prepared. |
| The figures, most of whom have links to the Tories, made the points in a letter to the Financial Times. | The figures, most of whom have links to the Tories, made the points in a letter to the Financial Times. |
| The criticism comes as former treasury minister Ed Balls warned of tougher regulation for the finance industry. | The criticism comes as former treasury minister Ed Balls warned of tougher regulation for the finance industry. |
| Labour questioned the "credibility" of the letter. | Labour questioned the "credibility" of the letter. |
| A party spokesperson said: "This is a statement from 'business leaders' that include Tory peers and Conservative party donors. | A party spokesperson said: "This is a statement from 'business leaders' that include Tory peers and Conservative party donors. |
| "Its credibility must be in question when it is headed by Simon Wolfson, the man who co-authored Tory proposals last year to abolish mortgage finance regulation." | "Its credibility must be in question when it is headed by Simon Wolfson, the man who co-authored Tory proposals last year to abolish mortgage finance regulation." |
| 'Clear lesson' | 'Clear lesson' |
| The group of business leaders includes JCB chairman Sir Anthony Bamford, Next chief executive Simon Wolfson and Carpetright chairman Lord Harris. | The group of business leaders includes JCB chairman Sir Anthony Bamford, Next chief executive Simon Wolfson and Carpetright chairman Lord Harris. |
| Their criticism follows Marks & Spencer chief executive Stuart Rose's comments to the BBC that Labour should have acted sooner to prevent the financial crisis. | Their criticism follows Marks & Spencer chief executive Stuart Rose's comments to the BBC that Labour should have acted sooner to prevent the financial crisis. |
| The group's letter read: "The lesson of recent years is clear. Economies must carefully manage public spending and reduce unnecessary budget deficits. | The group's letter read: "The lesson of recent years is clear. Economies must carefully manage public spending and reduce unnecessary budget deficits. |
| "They should have simple taxes and competitive tax rates and reduce the burden of regulation. Finally they must improve educational performance. | "They should have simple taxes and competitive tax rates and reduce the burden of regulation. Finally they must improve educational performance. |
| In fact in some areas we should definitely have been tougher Ed Balls | In fact in some areas we should definitely have been tougher Ed Balls |
| "Only then will they be well placed to weather economic difficulties and lay the foundations for long-term growth. | "Only then will they be well placed to weather economic difficulties and lay the foundations for long-term growth. |
| "It is time for a new direction which ensures that in future Britain is better prepared for economic downturns and better placed to compete in a global economy." | "It is time for a new direction which ensures that in future Britain is better prepared for economic downturns and better placed to compete in a global economy." |
| But Mr Balls, who is now Children, Schools and Families Secretary, said Labour had been right to impose regulation since coming to power in 1997. | But Mr Balls, who is now Children, Schools and Families Secretary, said Labour had been right to impose regulation since coming to power in 1997. |
| "In fact in some areas we should definitely have been tougher and will need to be tougher in the future," he said. | "In fact in some areas we should definitely have been tougher and will need to be tougher in the future," he said. |
| "We do need to toughen up standards of corporate governance and regulation," he added. | "We do need to toughen up standards of corporate governance and regulation," he added. |
| "Of course, we didn't get everything right. But fundamentally the Labour Government over the last 10 years was in the right place." | "Of course, we didn't get everything right. But fundamentally the Labour Government over the last 10 years was in the right place." |
| Among the others who put their signature to the letter were Severn Trent chairman Sir John Egan; Whitbread chairman Anthony Habgood; Sir John Craven, chairman of mining firm Lonmin; and Lady Louise Patten, chairman of commercial property company Brixton. | Among the others who put their signature to the letter were Severn Trent chairman Sir John Egan; Whitbread chairman Anthony Habgood; Sir John Craven, chairman of mining firm Lonmin; and Lady Louise Patten, chairman of commercial property company Brixton. |
| George Robinson, founder of City firm Sloane Robinson; Anthony Fuller, president of brewer Fuller, Smith and Turner; Lord Leach, director of conglomerate Matheson & Co; and Mike Clare, president of bed retailer Dreams, also signed the letter. | George Robinson, founder of City firm Sloane Robinson; Anthony Fuller, president of brewer Fuller, Smith and Turner; Lord Leach, director of conglomerate Matheson & Co; and Mike Clare, president of bed retailer Dreams, also signed the letter. |