The Government’s economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries. The UK needs to move away from an unbalanced growth model reliant on a narrow range of sectors and ever-increasing government spending. We can no longer have an unsustainable accumulation of private debt that inflated property bubbles and ultimately caused a banking crisis and sharp falls in output. The UK needs to grow sustainably – both economically and environmentally. We need to grow, but we need to grow differently.

This Government believes technology-based innovation will be one of the key drivers of the private sector led economic growth that Britain so urgently needs. The dynamics of the global economy have been changing for some time, with technology and innovation at the heart of new global economic opportunities.

Our country has always had global responsibilities and global ambitions. We have a proud history of standing up for the values we believe in and we should have no less ambition for our country in the decades to come. But we need to be more thoughtful, more strategic and more coordinated in the way we advance our interests and protect our national security.

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This Government’s key priorities for skills are to build an internationally competitive skills base and ensure we have a skills system that supports progression. To tackle the challenge of the largest deficit in Britain’s peacetime history the Government is implementing an accelerated plan to reduce the deficit. The Budget 2010 outlined that Government departments (once commitments on protecting health and overseas aid are taken into account) could see on average real cuts of around 25 per cent over the four years from 2011-12 financial year.

This government has put decisive action on the fiscal deficit at the centre of its agenda. As Secretary of State for BIS, I strongly support this. Business in the UK cannot prosper while the risk of a debt crisis hangs over the economy. In this sense, the first and most important growth policy the government has announced is its tough fiscal stance. However, if fiscal responsibility is vital for growth, growth too is vital for getting this country back on track, including paying down our debts. We also urgently need a more balanced and sustainable –

The inquiry was set up by the Secretary of State for Trade and Industry after MGRG (MG Rover Group Limited), the manufacturer of Rover and MG cars, went into administration on April 8, 2005 owing creditors nearly £1.3 billion. Gervase MacGregor FCA and Guy Newey QC were appointed as inspectors under section 432 of the Companies Act 1985 and instructed to investigate the affairs of MGRG, its parent company Phoenix Venture Holdings (PVH) and MGR Capital Limited between the purchase of MGRG from BMW in May 2000 and the date of it entering administration.

The inquiry studies the role played by professional advisors including auditors and corporate finance advisers Deloitte and lawyers Eversheds; aspects of corporate governance; and financial statements and audit arrangements including the transfer of assets.