We read an interesting piece from the Telegraph this week about David Cameron’s radical plan to help promote more growth in the UK market. We have summarised below.
Prime Minister David Cameron has elected to support a radical plan intended to cut the current recruitment red tape to spur growth. However, employers insist the numerous regulations will stifle job creation.
The recommendations include putting a cap on the employment tribunal pay-outs; lifting restrictions on equity laws; and giving employers more flexibility in sacking underperforming staff.
Mr. Adrian Beecroft prepared the 15-page report after meeting with government lawyers. The report, which contains 20 proposals, is scheduled for full publishing this week. Adrian is a venture capitalist and Conservative Party donor.
Information from Whitehall indicate that both the PM and Chancellor believe publishing the report will help to emphasize the government’s seriousness about spurring the economy that has put the UK in recession. According to one source, the report is meant to remove recruitment blocks and entitle employees to their jobs.
The Prime Minister said there was a pressing need for growth at the G8 summit that brought together heads of the most powerful economies in the world. Mr. Cameron did not mince his words when he addressed other European leaders about the increasing Euro-zone crisis that must be resolved urgently. He said the leaders had to act very fast in resolving the crisis.
The summit was held in Camp David, USA.