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The signatories of the letter are Andy Bond, President of ASDA, Gordon Frazer, Managing Director of Microsoft UK, Ian Livingston, CEO of BT and Charles Dunstone, President of Carphone Warehouse.

They are joined by 12 -chairmen or executives of FTSE 100 companies, 11 other FTSE 250 and patterns of some of the major companies private Britain's businesses.

The support of the city will be a significant blow George Osborne, the Chancellor, is preparing to offer an overall spending Wednesday review seeks to make savings of ￡ 83 billion in State spending.

Letter today, business leaders write: "everyone knows that when you have a problem of debt, delaying the necessary action will be worse not better."

"The cost of delay is enormous and would result in 100 billion pounds of additional national debt at the end of this Parliament alone."

"At the end of the result of delay would be greater reductions or tax rises, to pay for fresh supplémentaire.Les debt interest for delay could be even more than this.

"As recent events have shown in some European countries, if markets are losing confidence in the United Kingdom, interest rates will be increased for us all."

Labour warned that if deeply cut could soon, compromising recovery, but business leaders to reject these concerns by writing: "There is no reason to believe that the pace of consolidation expected in budget will undermine recovery."

The budget deficit, the difference between the amount the Government raises tax and how it spends - is 155 billion pounds last year and is expected to be ￡ 149 billion this année.Cela means Britain - national debt the country's total amount shall, currently 823 billion pounds - increases each year.

According to the Agency the responsibility of budget, national debt would beat 1.37 trillion of ￡ in spending work plans, but will be advanced to 1.28 trillion of ￡ in coalition to fall.

The letter of support has been established by the conservative peer and the Chief Executive of Next.Dans Lord Wolfson an article to accompany the letter, it provides assurances that the loss of jobs in the public sector will be absorbed by the private sector.

Mr. Osborne and David Cameron is enhanced for a return to stick to the expenditure review but they expect the support of the city will provide additional credibility to their plans.

Coalition receives a boost today with the release of a report from Ernst & Young item Club which indicates the probability of a double-recession in the United Kingdom has been exaggerated.

"The economy is likely to slow down for the winter after a surprisingly positive first half of the year, but I believe that this will be a flexible patch, not a double-dip," said Peter Spencer, Ernst & Young.

Mr. Osborne has expressed his determination to pursue the overall reductions in public expenditure.

"We see this through, and during which I set in the budget is one that we take," he said.

"People in this country that we were on the brink of bankruptcy, and if we're going to have the growth and jobs in the future we spend it in a place where people can invest with confidence."

The Chancellor has clearly well-being suffer a cut of very large budget.Il said cheats benefits would be allocated and it is likely that benefits for persons over 16 years children might be interrupted.

Alan Johnson, the Shadow Chancellor accused Mr. Osborne "economic masochism" and warned of the coalition plans to cut "too deep and too fast" risked years of stagnation.

Among the other signatories of the letter of Telegraph are Sir Stuart Rose, President of marks & Spencer, Paul Walsh, Chief Executive of Diageo and Stefano Pessina, the Executive Chairman of boots.

All three has also signed a letter before the election in protest to Gordon Brown expected increase in insurance - "jobs tax work" - is the backdrop for one of the key election battles.

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