Don't let Whitehall ruin Britain's more competitive work force To achieve that, pay restraint is the order of the day. Of the 319 companies employing 2m people which the CBI surveys, half plan a below inflation pay award with a fifth planning a pay freeze to remain competitive. Although not great news for household consumption, it is this sort of structural change on which sustainable, economic recoveries are built. British workers are making themselves more competitive in a way labour markets in, say, Greece, are not. Having a floating currency helps, as workers across the eurozone are finding out to their cost. Anyway, while David Cameron should be pleased that we're becoming more competitive, he must not allow Vince Cable's red tape factory to reverse the good work by putting the process in reverse and driving up costs through regulation. To exhort us to make the sacrifices and take the pain only to ruin our chances of recovery through red tape would be the cruelest irony. Booker deal is good news for investors Metro's decision to sell its UK interests to Booker for £140m is a vote of confidence in the British cash and carry firm which in 2005, under Icelandic ownership, was a (wire) basket case. Metro, the world's fourth biggest retailer, is not exiting the UK. Rather it has swapped its Makro business here for a 9.9pc stake in Booker, plus £16m of cash, certain in the knowledge that Charles Wilson, Booker's saviour seven years ago, will grow its capital more effectively than operating the stores itself. Owning Makro gives Wilson a new platform for the next few years to keep his growth record going. Longer term, the deal could signal full bid interest in Booker from Metro. Or, just as likely, Wilson buying the rest of Metro's cash and carry interests outside the UK to further internationalise Booker. Either way it should be good news for Booker shareholders.