Friday 21 November 2008

Lib Dems and Vince Cable got the economy right

I'm always shocked that the Lib Dems never get the economic credit they deserve.
Firstly, it was Lib Dem policy for Bank of England to be independent which Gordon Brown immediately stole in 1997 eventhough it wasn't in their manifesto. An important part of low inflation. But to the present day.
Vince Cable Lib Dem Shadow Chancellor has been warning for years about a personal debt crisis and irresponsible lending. Every time, the Brown would ignore. Then Northern Rock went wrong, Vince Cable suggests nationalisation, Brown dithers, the Tories can't accept it, nothing is done till much later and the situation is worse.
It is the Lib Dems that warned about regulation failure of the financial sector but the Tories wanted less and Labour were on watch, overseeing it all.
It is the Lib Dems that call for house prices to be in the measure of inflation to stop such spirals. It is the Lib Dems that call for repossessions to be a last resort, for Councils and RSL's to be allowed to purchase new empty stock for affordable homes.
The Lib Dems call for a 4p tax cut for for the low paid and middle earners months ago now Labour think a financial stimulus is needed so tax cuts are predicted. It is the Lib Dems that call for a funded tax cut by increasing taxes on the highest earners to pay for the tax cuts to the lower paid for it is they who need it most.

People need to remember Brown and Labour presided over the UK economy ignoring warnings, failing on who was overseeing the Banks and delaying on solutions which made it worse.
Tory and Labour lead to boom and bust.

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