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Tesco's Leahy urges less regulation in recession
United Kingdom
Friday 23 January 2009
Tesco chief executive Sir Terry Leahy has argued that the government should ease regulatory burdens on retailers to offer them help during the recession.
Leahy said that extra trade tariffs and red tape should not be imposed on businesses and called for further cuts in interest rates, along with easier credit conditions.
Lower food prices along with cheaper fuel and energy will restore consumer confidence in a difficult climate, he added.
He said: "We need to make sure we get costs and regulation to a minimum so that jobs can be created.
"It would be understandable if people have lost faith in open trade and competitive markets after failures in the financial sector, but that would be a mistake. They're the best way to get out of recession."
Leahy told a conference in Brussels that labelling and opening hours rules are restraining businesses during the current financial struggles.
Leahy said that extra trade tariffs and red tape should not be imposed on businesses and called for further cuts in interest rates, along with easier credit conditions.
Lower food prices along with cheaper fuel and energy will restore consumer confidence in a difficult climate, he added.
He said: "We need to make sure we get costs and regulation to a minimum so that jobs can be created.
"It would be understandable if people have lost faith in open trade and competitive markets after failures in the financial sector, but that would be a mistake. They're the best way to get out of recession."
Leahy told a conference in Brussels that labelling and opening hours rules are restraining businesses during the current financial struggles.
