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September 20, 2010    

CBI backs Government shake-up of benefits system

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by Kay Murchie

Employers’ group, the Confederation of British Industry (CBI), has today said it supports the coalition Government’s overhaul of the benefits system.

It is also suggesting the Government consider ending final salary pensions for public sector workers.

The coalition Government has introduced tough austerity measures and has said they are necessary to slash the budget deficit.

Chancellor George Osborne has previously defended his Government’s massive spending cuts and said if action is not taken, we will find our country on the “road to ruin”.

However, the spending cuts are having a detrimental affect on consumer confidence and many economists believe it could lead to a double-dip recession.

Returning to the CBI, it said the Government needs to wield the axe on welfare and social spending and prioritise areas that foster the economy’s ability to grow and invest in infrastructure, knowledge and human capital.

“It’s a case of short term pain to help the economy grow faster in the longer term,” according to John Cridland, CBI’s deputy director-general.

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