ITV News reports David’s call for a new growth strategy

In a speech to the Institute for Chartered Accountants in London, Sir David Davis said growth was being held back by high taxes, an overly-timid approach to cutting the deficit and lack of support for the small and medium-sized businesses who create “most of the country’s employment“.

“It is the 11th hour,” he warned, “But not the 59th minute“.

Chancellor George Osborne was, he said, “Clever enough, smart enough and brave enough to do what has to be done” but added that there should be less “headline grabbing trivia,” he added.

If the chancellor does not use the powers he has, Mr Davis warned, “We’ll all be out of a job“.

David also called for the £33 billion High Speed Rail scheme to be scrapped, warning “We should be incredibly cautious about spending money we don’t have on infrastructure projects“.