John Longworth, director general of the British Chambers of Commerce (BCC), also welcomed the announcement.

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Its director general John Longworth has called for a "new model economy" based on more spending on infrastructure and a rethink on access to finance.

BBC: UK Politics

John Longworth, director general of the British Chambers of Commerce (BCC), said the reforms in themselves would not help the wider problem of businesses gaining access to bank lending.

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The BCC says it expects the UK economy will record "positive but subdued growth" in 2013, but its director general John Longworth was keen to sound a note of caution.

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However, John Longworth, director general of the British Chambers of Commerce, said he expected inflation to rise in the near term, as further rises in utility and food prices kicked in.

BBC: UK inflation holds steady at 2.7%

"The vast majority of businesses across the UK want to stay in the single market, but on the basis of a revised relationship with Europe that promotes trade and competitiveness, " said John Longworth of the British Chambers of Commerce.

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Monserrate Shirley and brothers Mark Leonard and Bob Leonard Jr. were arrested Friday morning and charged with two counts of felony murder in the deaths of John and Jennifer Longworth, the neighbors of Shirley and Mark Leonard who were killed by the explosion at Shirley's home in the Richmond Hill area on November 10.

CNN: 3 charged in deadly Indianapolis home explosion