“There’s been far too much emphasis on financial services and James Dyson concludes we’re still a country of great inventors,” said Ms McVey.

“I met a guy from Wirral who invented a new dental disposal injection.

“Unbelievably, he can’t make it in the UK, so instead they’re churned out in Germany.

“Why can Germany do this and the UK can’t?

“Under Labour, the financial services sector increased by 84%, thanks to getting rid of regulatory bodies.

“Housing and property prices rose by up to 81% and manufacturing went down by 9%.

“Our share of world exports fell by a third in this period, which is why we must look to high-tech and engineering.

“Getting rid of Monopolies and Mergers Commission regulations led the RBS to become the biggest bank in the world, so when it collapsed we all felt it.

“The state has no money but it’s SMEs and large businesses creating the wealth which can be taxed.”

Tony Caldeira, chairman of the City of Liverpool Conservative Association, said Labour flirted with business when it first came to power.

“Ultimately, it has gone back to the same old ways of taxing us to the hilt and tying up business with red tape,” he said.

“We are the traditional party of business and very much remain so.

“Labour has overseen the longest and deepest recession in my lifetime, and I’ve never seen so many companies go bust.

“There is £77bn of new red tape regulations since Labour won in 1997, according to the British Chambers of Commerce.

“Back in 1997, the UK was fourth in terms of government economic regulation, and in 2009 we’re now 86th according to the World Economic Forum’s Global Competitiveness Report.

“So it shows the level to which this government has tied up business in red tape.

“I believe Labour has really let down business and that’s why most business leaders are campaigning for Conservative Party proposals.

“The Conservatives recognise it will be business which will get Merseyside and the UK out of recession.

“Therefore, we have to create the best possible environment to grow and create jobs.”

More than 100 leading British business figures have attacked National Insurance increases as a Labour job tax, said Mr Caldeira, who heads Caldeira Ltd, a home textiles firm employing 500 staff at its Knowsley head office, and with branches ranging from New York to China.

The Conservative Party believes it can pay for this instead by £6bn of efficiency savings in the public sector.

“Besides cutting Corporation Tax, our plan is to cut small business tax to 20%, compared to Labour which wants to raise it to 22%. It’s the smallest companies which need the help most of all.

“In 1997, we had the 11th lowest corporate tax in world, whereas in 2009 we’re now the 23rd lowest.

“What we’ve seen is Labour bring in a lot of stealth taxes brought in by the back door. The damage is to our competitiveness and, therefore, our economy.

“We want to make it far easier to start a business and reduce the number of forms needed to start a business.

“Ideally, we want fixed- time lengths for company regulation, so the regulation can be reviewed and if it doesn’t work, then it’s scrapped.

“It’s all about making business simpler to do, with less regulation and reviving Britain as one of the best places in the world to do business.

“The Conservatives realise global competition is going to get more fierce in the next decade and must be prepared.

“Britain must be able to compete as its long-term prosperity depends on this.”

He said there were “inevitable concerns” about future public investment.

“We need to have a good look at the figures. Nobody has seen the books and we suspect they could be even worse.

“Yes, we need infrastructure and high- speed rail, but we must be sure we don’t bankrupt the country in the process.”