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Liberal Democrat Economic Recovery Plan

October 19, 2008 5:31 PM

Introduction from Vince Cable MP, Liberal Democrat Shadow Chancellor

Gordon Brown's response to the economic crisis has been too little, too late.

For years I warned him of the oncoming economic problems. Unsustainable levels of personal debt, mostly secured against the illusory 'wealth' of rising, vastly inflated property prices. An economy based so heavily on debt was never going to be in a fit state to deal with global shocks like the credit crunch.

And so it has proved. Gordon Brown is now facing the consequences of his years of inaction. The housing bubble has burst. Unemployment is rising fast. Tens of thousands of families are losing their homes.

With people struggling with massive debts and fast rising bills it is now almost inevitable that the UK is heading for recession. Gordon Brown used to boast we were better prepared than our competitors for a downturn. Yet the OECD's respected economic forecasters now predict we will fare worst among the world's seven leading economies (G7) in the current crisis.

What Britain needs now, and urgently, is practical action to help people who are struggling - to put money back in their pockets, to cut their energy bills, and help them keep their homes.

Gordon Brown and Labour can't offer that. They got us into this mess. Now they are veering between complacency and anic. Dithering on key decisions, muddling along on half measures.

David Cameron and the Conservatives won't offer it. At a time when those on the breadline are struggling more than for a generation, their top priority is tax cuts for millionaires.

It's not good enough to just keep muddling along and hoping.

We need a serious plan to get Britain's economy up and running again.

That is why Nick Clegg and I have put together the Liberal Democrat Fairer Future Economic Recovery Plan.

Our plan would:

Please read the plan, and share it with other people you know.

There is only one party in Britain today with a serious and credible plan to get Britain's economy back on its feet - and to provide real help to those struggling in the meantime.

That is the Liberal Democrats.

Vincent Cable MP

Liberal Democrat Shadow Chancellor

PS. With events developing as rapidly as they are you might also want to check out the latest statements from me and my colleagues on the economy section of the party website. And if you want my broader take on the current economic situation you might want to read my speech from the recent party conference in Bournemouth.

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