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'Budget will contribute to economic downturn' say business leaders

Mar 17 2008

Most business leaders believe the Budget will be detrimental to the economy, with almost three quarters - 73 per cent - believing that the Budget will contribute to a UK economic downturn, according to a poll in the Independent.

The poll of 100 prominent businessmen and women showed confidence in Alastair Darling's abilities as chancellor has plummeted to just seven per cent, with 70 per cent of business leaders believing Darling is 'out of his depth'.

Around 62 per cent of those questioned say their confidence in the government since the Budget has gone down and just three per cent claim they have more confidence in the government since Wednesday.

Only three per cent of business leaders say the Budget will do enough to boost consumer confidence.

The opposition has claimed that the current economic situation has been caused by the spending of the Labour government.

Shadow chancellor George Osborne (who enjoys a 53 per cent confidence rating from those polled) said that the government should not blame "some sub-prime estate agent in Mississippi" for the current economic situation but look to the "economic incompetence" of former chancellor and current prime minister Gordon Brown.

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