George Osborne: UK must not be reliant on banking sector for growth

4 October 2010

British chancellor George Osborne has told the Conservative Party conference that the UK must no longer rely on the country's banking sector as the chief driver of economic growth.

In his keynote speech, Mr Osborne laid out his economic vision for the UK and stated that the government's planned austerity measures will eventually deliver a "better future for all".

He said that the hard choices being made now have to be seen as a means to an end which will bring about greater prosperity for the country in time.

"Not from the quick fix of another debt bubble or by hitching the country's entire fortunes again to the City of London … but lasting, sustainable growth," the chancellor stated.

The Conservative Party conference began yesterday (October 3rd 2010) in Birmingham, with the event set to run until Wednesday, where it will be concluded with a speech from prime minister David Cameron.

By Tony Aynsley

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