With Britain mired in recession, Prime Minister David Cameron has been trying to take advantage of the Olympic games being held in the UK to help jump start the flagging economy.
Speaking at a business summit that was intended to attract investment to the UK and timed to capitalise on the London Olympics, Cameron pledged to do more for the economy.
“My message today is clear and unequivocal, be in no doubt, we will go and finish the job. We will deal with the deficit, we will keep UK interest rates low, and we will continue to take the tough decisions that are necessary for business leaders and investors to have confidence in the long term future of the British economy,” he told the trade and investment summit which is to be attended by more than 4,000 business leaders.
Worse than expected economic growth data on Wednesday had prompted calls for Cameron to scale back his seven-year austerity plan which is intended to cut the budget deficit.
In his speech Cameron also promised more efforts to better regulate Britain’s banking industry, but it is the regulation of the Olympic brand that is upsetting some UK businesses.
A crack down on shops selling Olympic merchandise and anyone using the Olympic name has been widely criticised as heavy handed.
The Olympic Games organising committee said it had to protect the interests of its sponsors who have stumped up the equivalent of 900 million euros and without whom the games could not happen.