The Guardian has the story – see link above
Well this is a sobering analysis of the economic trouble we are in!
Not sure whether to thank Roy Connell for spotting this one or not as frankly the Guardian article hardly made mt day and it will probably have the same effect on you! But Roy obviously feels we have to face up to it.
The BBC has the story – see link above.
I particularly like the note that Danny Alexander has written for whomever becomes the next Chief Secretary to the Treasury:-
“Sorry for the late reply – I’ve been fixing the economy. The deficit halved, jobs up, growth up.
“That’s the Liberal Democrat record. We won’t let you – or the Tories – screw it up.”
Of course this is response the infamous note left by the last Labour Chief Secretary to the Treasury – Liam Byrne after Labour had been kicked out of office in 2010 for their part in ruining the UK economy. His note to his successor said:-
“Dear Chief Secretary, I’m afraid there is no money. Kind regards – and good luck! Liam.”
The Liverpool Echo has the story – see link above.
The big problem with Labour’s manifesto launch is that it reminds me of New Labour’s days under Blair and Brown – spending up but how’s it going to be paid for with all the guarantees of no tax rises? If people like Rachel Reeves and Harriet Harman are to be listened to could it be on the backs of the poor via huge welfare cuts? Both seem to me to be advocating bigger welfare cuts than the Tories have made so far.
And what about the NHS? Labour have still not guaranteed the £8b that it needs and which the Lib Dems and even, somewhat belatedly, the Tories have put on the table. Having said that the Tories pledge is uncosted so only the Lib Dems have a genuine response to the NHS needs.
Sadly, Labour are looking like the masters of spin that they were when last in government; little substance but a lot of spin. Trouble is they could well crash the economy with uncosted spending and they have already had a go at that hence the mess that we are in now.
Figures from the Office for National Statistics show the economy is growing at the fastest pace since 2007, with 0.8% growth recorded for the last quarter of 2013 and 1.9% for the whole of last year. Vince Cable, the Business Secretary, said: “There has been a positive change in economic sentiment over the last six months or so. A real recovery is taking place.” The Confederation of British Industry also said that more companies were seeing their sales grow than at any other time since the crisis began. “A picture is unfolding of a real upsurge in output across much of the UK economy,” said Katja Hall, the CBI’s chief policy director. The news follows an upgraded forecast from the IMF last week which predicts UK growth of 2.4% in 2014. However, Mr Cable warned in a speech to the Royal Economic Society at the Bank of England that another property-linked boom-bust cycle must be avoided and urged the Bank of England to make it harder for people to get mortgages in order to prevent a build-up of unsustainable debt.
My thanks to the LGiU for this article
An interesting and positive view from Vince Cable who we should remember was the man who saw the economic collapse coming and warned Labour, who were then in Government, about it. They ignored him and look where we are now.