Friday, June 20, 2008

Wheels coming off economy built on cheap credit - Cable

The announcement that inflation reached 3.3% drew this comment from Liberal Democrat Shadow Chancellor, Vince Cable:

"The Bank of England now finds itself backed into a corner with no room for manoeuvre.

"We now have a situation worryingly reminiscent of the 1970s, with unemployment and inflation both rising, and growth falling.

"The reality is that Gordon Brown’s Government has spent the last ten years pursuing economic growth built on little more than cheap credit. Now that economic times are harder and people are struggling with debt, the wheels are coming off the economy."

See also Vince Cable's comments on the economy here and here.
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