View more on these topics

BUDGET 2009 NEWS: Cameron attacks Government’s level of borrowing

Conservative leader David Cameron has attacked the Government’s level of borrowing and has called for the scrapping of the Tripartite regulatory system.

Cameron said the Government would be borrowing £606bn over four years and that this was more than all the Governments since the bank of England was created.

Cameron said: “He will be doubling the national debt. He is plannnig to borrow £348bn over the next two years. That is more over the next two years than every previous Government put together.

“More than every Government since the Bank of England was first founded more than 300 years ago. This prime minister has certainly got himself in the history books. He has written a whole chapter in red ink; Labour’s decade of debt.”

He also asked why the Chancellor hadn’t mentioned any measures to regulate the banks and overhaul the regulatory system.

Cameron said: “Where was the plan to regulate the banks and regulate credit properly? Isn’t it time to end the Tripartite system and restore the Bank of England to its proper place of regulating debt and the economy.”

The Conservative leader attacked the Government’s economic model which he said was based on Government debt, consumer debt and housing debt calling it “fundamentally bust”.

He said all Labour Governments run out of money and this Labour Government will “leave the debts unpaid”.

Cameron said the Government should look at the consequences of failing to deal with spending and said everyone, not just the rich, will pay the price for Labour’s mistakes.

He said: “These aren’t taxes for the few, they are taxes for the many introduced by this Labour Prime Minister.”

He ended: “If they don’t have the courage to deal with the debt and deal with the difficult decisions, why not make way for the team that can.”

Recommended

Selection process

Now is the worst time for big macro calls in fixed income. Instead, we are in an environment where stock selection will be absolutely crucial. The economy is practically at the moment of peak uncertainty and it is nigh-on impossible to see clear macro trends.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment