Heseltine files 'damning' report on coalition strategy

Former Conservative cabinet stalwart Michael Heseltine is to argue the coalition government cannot continue on its current economic path in a "damning" critique of its growth strategy.

In a report commissioned by Downing Street, Lord Heseltine warns "continuing as we are is not an acceptable option. The world will not stand still - and nor must we." He will add: "The message I keep hearing is that the UK does not have a strategy for growth and wealth creation". A key element of Heseltine's report centres on the prospect of de-regulation. He is set to reject both de-regulation and tax cuts as ways to put the UK back on a sure economic footing. "The principal void in today's investment climate is confidence - and tax changes will have only a limited effect on that....