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Slideshow Download our Wider Image iPad app Images of September Follow Reuters Facebook Twitter RSS YouTube Read Northeast back to business after Sandy's hard hit | 3:40am EDT East Coast crippled by massive storm, death toll climbs | 30 Oct 2012 New "Star Wars" movies - dream come true, or cosmic yawn? 30 Oct 2012 Disney to buy "Star Wars" producer for $4.05 billion 30 Oct 2012 Obama, Romney put aside campaign for storm relief - for now | 1:59am EDT Discussed 138 Trump to give $5 million to charity if Obama releases records 114 Colin Powell endorses Obama for second term 88 Analysis: U.S. presidential race is all about Ohio – or is it? Sponsored Links UK government report criticizes growth strategy Tweet Share this Email Print Related News UPDATE 4-UK's Osborne to slash welfare but quiet on growth Mon, Oct 8 2012 Analysis & Opinion Is Mitt Romney a closet Keynesian? Related Topics World » Demonstrators carry placards during a protest march organised by the Trades Union Congress (TUC) in central London October 20, 2012. Credit: Reuters/Neil Hall By Stephen Mangan LONDON | Tue Oct 30, 2012 11:44pm EDT LONDON (Reuters) - Britain's growth strategy of tax cuts and deregulation will not provide a fast track to economic prosperity and needs to be reassessed, according to a government-commissioned review published on Wednesday. Lord Heseltine, the former Conservative Party deputy prime minister, warned in his six-month study on the government's economic policy that "continuing as we are is not an acceptable option." Heseltine, who was asked to write a sweeping economic review by the government, called for a "war psychology" to overcome the economic crisis and urged for an end to ministerial uncertainty on crucial issues such as energy and aviation because "the world will not stand still — and nor must we". However, despite cutting remarks into every aspect of Britain's low growth, the report was welcomed by the government. "I wanted Lord Heseltine to do what he does best: challenge received wisdom and give us ideas on how to bring government and industry together. He has done exactly that. This is a report bursting with ideas and we will study it very carefully," finance minister George Osborne said. In the 228-page report, entitled No Stone Unturned, Heseltine makes 89 recommendations, including the need to strengthen controls on foreign takeovers to block deals deemed unfavorable to Britain. Ministers only intervene in foreign takeovers in cases that may affect national security or when media companies are involved. Mergers are formally assessed if the company being taken over has an annual turnover of 70 million pounds ($112.58 million) or more, or if the new entity would control 25 percent or more of its market. If not an issue of national security, the assessment is largely seen through the interests of the consumer as opposed to the wider strategic needs of British industry. "I reject the notion that regulation in itself hinders growth. Good, well designed, regulation can stop the abuse of market power and improve the way markets work to the benefit of business employees and consumers," Heseltine wrote in the report. He avoided criticizing ministers directly, but said that "it takes too long for decisions to be made" by the government and the message amongst Britons is "that the UK does not have a strategy for growth and wealth creation". The report challenges government policy on a vast range of specific issues such as immigration, ways to boost infrastructure spending and the lack of a decision on where to build a four runway airport around London. "The review raises a number of important issues that impact on the government's ability to interact effectively with business throughout the country," business minister Vince Cable said. "Lord Heseltine's findings show where government can improve its performance in delivering better interventions. We will now need time to consider its numerous recommendations and will respond in the coming months." ($1 = 0.6218 British pounds) (Reporting by Stephen Mangan; Editing by Stacey Joyce) World Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) DeanMJackson wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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