To boost growth, the Government is:
1. Introducing a National Loan Guarantee Scheme to get cheaper loans to businesses by allowing participating banks to raise up to a total of £20 billion of cheaper funding over the next two years under a government guarantee, provided they pass through this lower cost of funding to smaller businesses. In many cases, this will lead to a reduction of up to one percentage point on the cost of the business loan.
2. Creating the most competitive business tax system in the developed world by cutting corporation tax to the lowest rate in the G7; introducing a Patent Box to encourage firms to innovate in Britain; and simplifying our tax system.
3. Cutting red tape by scrapping regulations costing businesses over £350 million per year; and radically reforming the planning system by introducing a new default presumption in favour of sustainable development and streamlining over 1,000 pages of planning policy to just 52 pages. We are also getting Britain building by releasing enough public sector land to build as many as 100,000 new homes. We will also increase the Right to Buy discounts, and use the receipts to build a further 100,000 homes. These measures will help support up to 400,000 jobs, will provide a boost to homebuilding, and will make it easier for people to find affordable homes.
4. Boosting investment and exports to rebalance the economy by setting up Enterprise Zones across the country, including in areas affected by potential job losses at BAE, to encourage inward investment; stimulating business growth across England through the Regional Growth Fund; and promoting British exports abroad.
5. Making a more educated workforce the most flexible in Europe by creating the biggest number of apprenticeships this country has ever seen; establishing at least 24 University Technical Colleges to provide cutting edge vocational training; reforming employment law to boost competitiveness, including extending the qualification period for unfair dismissal and consulting on the introduction of fees for tribunals; and radically reforming welfare to get people off benefits and into work.