Stride in 'urgent action' call amid financial crisis warning

A NEW report warns that the UK is on the brink of a fiscal crisis unless spending is curtailed and the competitiveness of the City is enhanced.

- AMBER MURRAY

The 'Breaking the Cycle' report by the Centre for Policy Studies (CPS) states that, with per capita growth stagnating and government expenditure skyrocketing, there's an urgent need to stimulate economic growth and improve living standards.

Shadow Chancellor Mel Stride emphasised the necessity for "urgent action to fix our public finances and restore confidence in the UK economy," although he noted that the Tories did not back all the recommendations in the report.