Business chiefs blame PM on economy

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A "new direction" is needed to make sure Britain can cope with similar turbulence in the future, according to 11 bosses of major firms.

In a letter in the Financial Times, the group - most of whom are Tory donors or closely linked to the Tory party - insist: "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. 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."

The business figures include JCB chairman Sir Anthony Bamford, Next chief executive Simon Wolfson and Carpetright chairman Lord Harris.

The others are: Severn Trent chairman Sir John Egan; Whitbread chairman Anthony Habgood; Sir John Craven, chairman of mining firm Lonmin; 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.