In the letter the business leaders insist that it is essential that planned efforts to cut the budget deficit are not watered-down ahead of the Comprehensive Spending Review on 20 October, adding that "addressing the debt problem in a decisive way will improve business and consumer confidence.

They go on to support their position, saying that would be dangerous for the economy and job creation as "reducing the deficit more slowly would mean additional borrowing every year, higher national debt, and therefore higher spending on interest payments." The signatories to the letter also insists, “the private sector should be more than capable of generating additional jobs to replace those lost in the public sector."

"As any CEO of any size company knows, you can and must keep costs in line, but at the end of the day, you can't survive as a company unless you have a growth story. Countries are no different; it's just a different sized system. That's what entrepreneurs do - they build growth stories. So as the nation readjusts its costbase to the new reality, the entrepreneurs are hard at work building growth, creating jobs, and through that, channeling taxable corporate income into the Treasury, all the while building the reputation of British based companies around the world,"  said Julie Meyer, CEO of Ariadne Capital, Founder of Entrepreneur Country and BBC Online Dragon.

This latest intervention from business leaders comes after the Forum of Private Business last week lobbied the government to review a raft health and safety laws and excessive bureaucratic processes which it views as stifling entrepreneurs and small businesses, threatening future economic growth and private sector employment.

The research conducted by the Forum of Private Business and released last week ahead of the Comprehensive Spending Review suggests that reducing regulatory waste could help government efforts to reduce the budget deficit and remove some of the annual £12 billion per year that it estimates it costs small businesses to comply with unnecessary or excessive laws. Prime Minister David Cameron has already insisted that “slashing red tape” will be central to freeing the UK’s small business “wealth creators”.

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