Cable Warns Of More Economic ‘Pain’ Ahead
5:45pm UK, Saturday May 21, 2011
” />
Business Secretary has warned of more problems because of global price rises
Vince Cable claimed many people still did not realise just how hard Britain’s economy had been hit after the global financial crisis three years ago.
And he predicted the impact on people’s lives will continue – not just from government spending cuts, but from general pressure from a rise in prices around the world.
And also a 20% devaluation of sterling against other major currencies.
The former economist said: “Britain is no longer one of the world’s price-setters. We take our prices from international commodity markets driven by China and India.
It is painful. It is a challenge to us in government to explain it.
Business Secretary, Vince Cable MP
“That is something we have got to live with and adjust to. It is painful. It is a challenge to us in government to explain it.
“The political class as a whole is not preparing the public for how huge the problem is.”
Mr Cable insisted that much of the blame lay with Labour leader Ed Miliband and shadow chancellor Ed Balls.
He accused them of failing to face up to the problems left by the previous Labour government.
Mr Cable stated politicians had not fully prepared people for economic problems
“They are in a say of denial that there is a huge structural problem with the UK economy,” he said.
“There is a genuine debate we should be having about how radical the reforms of the financial sector should be.
“But there is not from the progressive wing of politics a sustained critique or pressure and argument.
“Ultimately it comes back to this defensiveness and an unwillingness to accept that Britain was operating a model that failed.”
source : news.sky.com
Related News:
- Romney sells economic acumen — are voters buying?
- Manufacturing Uplift As Economic Optimism Grows
- Romney gives economic speech in mostly empty stadium
- Osborne: UK’s Economic Pain To Last Longer
- Obama’s Economic Agenda Is Destroying Jobs
- US Economic Growth Slows More Than Expected
- Japanese Shares Suffer Economic Shock Wave
- DC Spending, Financial Solvency & Economic Growth
- China’s Haier Forms Strategic Alliance With Honeywell
- U.S. Has Tolerated Dictators for Too Long
Details :
Submited at Sunday, May 22nd, 2011 at 12:00 am on Business by chuck
Comment RSS 2.0 - leave a comment - trackback