Labour's "end to boom and bust" claim exposed (Wantage and Didcot Liberal Democrats)

Wantage and Didcot Liberal Democrats <info@wantagelibdems.org.uk>

Labour's "end to boom and bust" claim exposed

October 11, 2008 7:30 PM

Alan Armitage with Lib Dem finance spokesman Vince Cable MP demonstrate the rise in the cost of living

Alan Armitage and Lib Dem finance guru Vince Cable MP demonstrate the rise in the cost of day-to-day living

Soaring food and fuel prices, £500 billion of taxpayers' money to bail out the banks, the near impossibility of getting a new mortgage. Labour, and Gordon Brown in particular, claimed they had ended "boom and bust". The reality was that they were ignoring all the warning signs about the dangers ahead.

Liberal Democrats have offered to support the Government in their efforts to get our country through the financial crisis. As our Leader Nick Clegg has pointed out, now is not the time to have an argument.

But once the crisis is behind us, Labour has to answer hard questions about how they let this incredible situation come about.

Liberal Democrat Shadow Chancellor Vince Cable has been warning for years that action was needed to stop the banks and bad debt getting out of control. Labour ignored this. They did nothing when personal debt hit £1 trillion (yes a trillion - that's a million million). They dithered for six months over what to do with Northern Rock.

Britain is now entering recession. The cost of living has gone up sharply. Nick Clegg and Vince Cable have argued strongly that people on low and middle income need money in their pockets to help them through the hard times.

Wantage and Didcot Liberal Democrats are calling for a 4p cut in income tax, paid for by closing the tax loopholes used by the rich and by increasing the tax on pollution. "People are faced with rising bills," said parliamentary spokesman Alan Armitage. "They need help now."